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To get a complete understanding about the Ethanol Tax Incentive, attendees at the National Ethanol Conference heard this morning from Dr. John Urbanchuk, Director, LECG, LLC.

He started out talking about how work needs to be done to renew the Volumetric Ethanol Excise Tax Credit (VEETC) in a couple years. He talks about how the ethanol industry is in its infant stage still and this type of incentive is very important. He also reminded attendees about how many incentives are offered to the mature oil industry.

You can listen to his remarks here: John Urbanchuk Remarks (16 min MP3)

Dr. Urbanchuk is also the author of a new economic analysis on the impact of the U.S. ethanol industry. The report shows that in 2006 the industry is providing the federal government with a sound return on its investment. According to the analysis, ‘Contribution of the Ethanol Industry to the Economy of the United States,’ (pdf file) the federal government received tax revenues of $2.7 billion simply from the construction and operation of ethanol biorefineries. The tax revenue generated exceeded the amount of money the federal government provided in tax incentives to oil refiners who use ethanol.

Congressman from Missouri, Kenny Hulshof, (R-MO) was on stage today at the National Ethanol Conference as part of the session on how things look on Capitol Hill for the 110th Congress.

Hulshof said that he might get in trouble as a Republican by saying it, but he said that he thinks agriculture will fare well with Rep. Peterson at the helm of the House Agriculture Committee.

Hulshof urged attendees to make their voice known and take advantage of the accessibility of their elected leaders. He’s excited about a resurgence in rural America.

You can listen to his remarks here: Rep. Kenny Hulshof Remarks (14 min MP3)

This morning at the National Ethanol Conference we got the view from Capitol Hill as two of our Congressmen provided their thoughts on the legislative agenda for the 110th Congress.

First up was Representative Collin Peterson (D-MN). He serves as Chairman of the House Agriculture Committee.

Peterson started out mentioning the farm bill and the challenges presented by the successes in agriculture, especially in crops like corn. He also talks about how the livestock industry is making its concerns known on the Hill regarding feed costs.

You can listen to his remarks here: Rep. Collin Peterson Remarks (16 min MP3)

Bobby Rahal, Rahal-Letterman Racing, was our luncheon speaker today.

Bobby says that racing has always been the place that auto manufacturers have experimented with various technologies and fuel is no exception. He says that with the Indy Racing League moving to 100% ethanol this year and with the American Le Mans Series moving to a blend of ethanol that the message of how well the fuel performs while reducing our dependence on foreign oil will continue to reach the American public. He says that racing is a perfect venue to help provide accurate information to the consumer and combat misleading information that is still being circulated.

You can listen to his remarks here: Bobby Rahal Remarks (14 min MP3)