U.S. Senator Chuck Grassley today introduced bi-partisan legislation to reform the current Volumetric Ethanol Excise Tax Credit (VEETC) while still supporting the domestic ethanol industry. Introducing the bill, Grassley said the Domestic Energy Promotion Act of 2011 would reduce the VEETC for a two year period before transitioning to a tax credit that would adjust based on the price of …
Time to End Oil Subsidies and Taxes?
As gas prices go “up, up and away” once again oil companies are on the hot seat as they announced massive profits. And while the renewable energy industry continues to be attacked for its subsidies and incentives, no one mentions the billions of dollars of subsidies the oil companies receive each year and have been for over a hundred years. …
Corn Ethanol Policy Forum Held in DC
There have been numerous Senates hearings recently discussing elements of the country’s energy plan. A recent forum on Corn Ethanol Policy took place in the 112th Congress. While the forum was not broadcast, expected to give the opening remarks were Representative Jeff Flake (R-AZ), Representative Joe Crowley (D-NY) and Representative Earl Blumenauer. Flake’s aniti-ethanol amendment was passed in the House …
Ethanol Industry Comments on WASDE Report
The USDA World Agricultural Supply and Demand Estimate (WASDE) released this morning that shows corn ending stocks unchanged despite a 50 million bushel increase in corn use for ethanol also shows a gain in global grain stocks. According to the report, global coarse grain supplies for 2010/11 are projected 6.3 million tons higher this month with a 1.8-million-ton increase in …
Kansas Ethanol Producers Visit DC
A delegation of six Kansas ethanol supporters are in Washington D.C. this week for a series of meetings with members of Congress. Growth Energy CEO Tom Buis welcomed the group’s visit. “Kansas is a crucial, steadfast ally for the American ethanol industry, and we are pleased that so many Kansans have made the trip to Washington to educate their members …
Biofools or Bio-Heroes?
It’s pretty much a badge of honor in the biofuels industry to be nominated by Friends of the Earth as “Biofool of the Year.” Growth Energy is calling this year’s nominees “Bio-Heroes” in a blog post today. “Critics of biofuels would go to great lengths to distort the truth and smear the records of supporters. One doesn’t have to look …
Grassley Hopes to Avoid Vote on Ethanol Tax Credit
Sen. Chuck Grassley (R-IA) is hoping to avoid a vote in the Senate on the amendment introduced last week by Sen. Tom Coburn (R-OK) that would repeal the Volumetric Ethanol Excise Tax Credit (VEETC). Grassley said today during his weekly agricultural media conference call that there are two ways the vote can be avoided. “Either talking him out of it, …
Ethanol Interests Urge Defeat of VEETC Amendment
Legislation that would immediately repeal the Volumetric Ethanol Excise Tax Credit, or VEETC, is drawing criticism from ethanol interests. U.S. Senators Tom Coburn (R-OK) and Ben Cardin (D-MD) this week introduced the repeal as an amendment to the small business reauthorization bill, currently under consideration in the Senate. “The ethanol tax credit is bad economic policy, bad energy policy and …
Sen. Klobuchar Introduces Ethanol Legislation
A bill introduced yesterday by Sens. Amy Klobuchar (D-MN) and Tim Johnson (D-SD) called the Securing America’s Future with Energy and Sustainable Technologies (SAFEST) Act establishes strong renewable energy and energy-efficiency standards, incentives for developing biofuels and biofuel infrastructure, and targets for the availability of advanced vehicle technologies. More specifically, the legislation would establish new incentives for biofuels infrastructure and …
More Wheeling & Dealing in DC on Ethanol
There is more wheeling & dealing on ethanol measures going on in DC today. Sens. Tom Coburn (R-OK) and Ben Cardin (D-MD) introduced a bill that would repeal the Volumetric Ethanol Excise Tax Credit (VEETC) also known as the blender’s credit. Policy makers have been attempting to end VEETC for many years and made an unsuccessful, but down to the …