The bill would require all advanced biofuels (undifferentiated advanced, biodiesel and cellulosic) to be produced in the U.S. as well as continue to meet the existing reduction in life cycle carbon emissions.A new reform of the Renewable Fuel Standard (RFS) has been proposed by Representative James Lankford (R-Oklahoma), chairman of the House Oversight Committee's Subcommittee on Energy Policy, Health Care and Entitlements. It is HR 4849, the Phantom Fuels Elimination Act. The bill would require all advanced biofuels (undifferentiated advanced, biodiesel and cellulosic) to be produced in the U.S. as well as continue to meet the existing reduction in life cycle carbon emissions.For any year where the projected volume of advanced biofuels is...