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Senate bill would repeal VEETC
Ethanol continues to come under fire in Congress.
Legislation to repeal the 45-cent ethanol excise tax credit was introduced in the Senate Wednesday. One of the bill’s sponsors, Senator Tom Coburn of Oklahoma, said the credit, which costs taxpayers about six billion dollars a year, is yet another example of government waste.
Applauding the legislation was a coalition of groups including the National Turkey Federation, the National Chicken Council and the American Meat Institute.
Bob Dinneen of the Renewable Fuels Association was critical. In Dinneen’s words, “if recharging our economy is a top fiscal and economic priority for these Senators then job one should be redirecting the one billion dollars a day we spend on foreign oil back into the U.S. economy.”
In February, the House voted to block EPA from implementing the E15 waiver and also voted to ensure no money would go to build ethanol infrastructure this year.
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Oh, by the way, 80% of corn ethanol is being exported. Oh, by the way, corn ethanol has no benefit to the environment. Oh, by the way corn ethanol is used to buy farm state votes. Oh, buy the way, the real cost of corn ethanol after you add up all subsidies is around $7 per gallon. Oh, by the way the tens of thousands of “jobs” corn ethanol has “created” can’t offset the millions of jobs in the food sector and generally economy that it has put at risk via artificially high food costs.
Kill CRP and ethanol won’t be a problem for corn demand. CRP kills economic development. Ethanol builds it. But if you must cut Ethanol tax breaks, give petroleum the same treatment. If we can’t afford to subsidize home grown fuel, we for sure can’t afford to subsidize foriegn fuel. I wish Senator Coburn would look at the big picture or tell the whole truth.