In December 2007, the U.S. Congress passed an updated Renewable Fuels Standard (RFS) requiring 36 billion gallons per year of various types of biofuels (program administered by the EPA). The overall goal is to increase U.S. energy security by decreasing the amount of transport fuels that are currently imported. All fuels must meet American Society for Testing and Materials (ASTM) fuel specifications. The RFS specifically requires 15 billion gallons of starch based ethanol (corn) which is 90% complete with current and under construction capacity, 16 billion gallons of advanced cellulosic biofuels, 1 billion gallons of biodiesel and 4 billion gallons of other or undifferentiated biofuels (renewable diesel, sugar based ethanol and any other yet to be considered renewable fuels). Petroleum blenders are required to meet these quotas and are financially penalized if the obligations are not met. Chapter IV of this report details the dates and quantities that phases in this new law. There are other factors that influence the biofuels industry such as the price relative to crude oil which are addressed in Chapter IV.