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Nebraska soybeanleader encouraged by Obama's directive on biofuels

According to Nebraska Soybean Association president Debbie Borg, this week has been a bad news/good newsscenario for the nation’s biodiesel industry.

The bad news, says Borg, was the bleak statistics released Monday by the National Biodiesel Board. They showed that U.S. biodiesel production fell to 30 million gallons in March. Borg says if the trend continues, the industrywill slide back to 2006 production levels.

The good news came Tuesday, with President’s Obama’s directive to Ag Secretary Tom Vilsack to immediately begin refinancing of existing investments in renewable fuels. Borg says it was welcome news to Nebraska’s soybeanproducers.

“The lack of a long-term tax incentive program and the absence of a federal renewable fuels standard for biodiesel is causing some serious issues in terms of financing, and just overall confidence in the biodiesel industry,” Borg says.

Borg says many biodiesel plants are sitting idle and at least 20 have gone out of business. “If America truly wants to create a foundation for long-term economic strength and security and is committed to reducing greenhouse gases, we need to continue investing in biofuels.”

Borg says renewable, domestically produced energy offers considerable benefits in terms of economic development, energy security and job creation.