good afternoon, everyone. welcome to the renewable fuel standard committee. i am continued to continuing oversight until we find the solution to what has become this deeply flawed program. in 2005, congress established the rfs with the goal of reducing our nation s independence on foreign oil and lowers greenhouse gas by demanding that biofuels be blended with other fuels until 2022. after that time, they will have bide latitude to decide the volume of biofuels that must be blended into the gas link supply. it has changed dramatically since 2005 and 2007 revision. demand for oil is lower, due to sluggish economic growth and fuel standards. given the oil production, the u.s. imports much less oil than initially forecasted. in 2005, 2007, we were importing 60% of our oil. now, it is 27%. i have worked to determine the structure and viability of the rfs to achieve its goals. i have tried to understand the rfs through the eyes of the epa and appreciate how difficult it is for the
money to invest, not their own money, and tell us about what the next innovation or technology will be the wave of the future and economically successful. time and time again that fails which is probably why they re in washington and not on wall street. one of my favorite quotes that i use when talking about government is is something i use time and time again, in fact i used it when i testified in front of the house oversight committee. he writes that the task of economics is to demonstrate to men how little they know about what they imagine they can design. really, truer truer words cannot be spoken about the biofuels. it s shown how the government cannot essentially plan energy markets and the unintended consequences it creates when doing so. there s a lot of those unintended consequences. economic, environmental and ethical when you talk about the rising food costs. so to demonstrate one of those, i would like to paint a picture for you and just have you imagine something
returns, my life has meaning again, thank you. doctor avian in boston right please tell me you are eating healthy. please tell me you are not one of those doctors who text. donna, how do i know it is the real you? look at this hair. no one can re-create this work of art. charles payne has tried. crystal emails she is not buying any of it. i think you got it and fox doesn t want to admit it. you looked like a corpse before open-heart surgery. i forgot about that. comments in detroit, you are back but all of your substitutes were far better but they never interrupted and always remained classy with guests. it is a pity you are alive but welcome back i guess. alicia in atlanta, so glad you re back, we missed your charming face all these months. bob emails start slow, don t rush things, not like o reilly. he built a career on it. let s not be mean. in new orleans, look at the bright side, you missed all the soap opera fun at fox while you were away. nothing happened while i was a
the story of the day, the dow losing 258 points and really started with the bond market. check out the yield. this is why it matters to stocks. 7 of the 10 s&p sectors currently yield more than the ten-year bond. investors buying stocks because they are the new bonds. how big of a problem is this? bk. well, listen, we ve talked about this. i mean, it s made me sick, we talked about it so much. this is what is going on. people are buying bonds. we re buying bonds for capital appreciation and stocks for yield. it s an upside down market. it s an upside down world. now it s starting to come home to roost. the volatilities increased. and the other thing you need to know, there is some underlying krentsz. some strategies out there that buy both stocks and bonds. and when the volatility is low, they get bigger in their stock positions. when the volatility goes high, then they have to sell those stock positions and sell the bond positions. so that s why you re starting to see both
i m delighted to be here for the wall street journal. i ll be talking with gina mccarthy, the administrator of the epa today. we ll hear a few words from the administrator to begin with. then we re going to talk for ten or 15 minutes. then i would like to turn it over to questions and answers from you. that s always the most interesting part, i think, for any of these gatherings at the council. we have a few members of the press in the back. i will be diligent in getting to you as well. don t be offended at all if i lean a little bit more toward the members in picking them first to ask their questions, but we ll try to get everybody s questions answered. i think we re just at a fascinating moment in the environmental discussion and debate. the paris conference was at a minimum quite notable. many say historic. some say a little bit more controversial in issues of implementation that still need to be resolved. but fascinating no matter how you look at it. gina mccarthy will