Fraud Continues To Undermine Renewable Fuel Standard
Law360, New York ( December 10, 2012, 7:26 PM EST) -- As 2012 draws to a close, concerns about fraud and the market ramifications of enforcement actions by the U.S. Environmental Protection Agency over the past year continue to undermine the federal Renewable Fuel Standard (RFS). Established by the Energy Policy Act of 2005 and modified by the Energy Independence Act of 2007, the RFS mandates the use of four types of renewable fuel: (1) corn ethanol, (2) cellulosic biofuel, (3) biomass-based diesel and (4) advanced biofuel. Overzealous projections and fraud issues with cellulosic biofuel and biomass-based diesel have had the most severe market impact and have caused the nation's leading petroleum trade association to challenge the efficacy of the entire program....
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