WASHINGTON, DC – Today, Growth Energy endorsed a bipartisan letter sent to the leaders of the Senate by Sens. Kent Conrad (D-N.D.) and Charles Grassley (R-Iowa), urging Congress to extend the ethanol tax credits and tariff provisions that are set to expire at the end of the year to prevent tax increases at the pump and economic uncertainty in the market.

In the letter Sens. Conrad and Grassley, along with thirteen other Senators wrote, “Allowing the provisions to expire or remain expired would threaten jobs, harm the environment, weaken our renewable fuel industries, and increase our dependence on foreign oil.”

The ethanol tax credits and ethanol import tariff expire at the end of this year. Economic analyses show that letting the tax credits expire would be equivalent to raising taxes on American drivers. If the Volumetric Ethanol Excise Tax Credit (VEETC) is allowed to expire, drivers will face a 4.5 cent tax increase on every single gallon of E10 (90 percent gasoline, 10 percent ethanol) that they purchase. Increased fuel prices will further harm our nation’s already struggling economy.

Growth Energy CEO Tom Buis noted that as long time veterans on the tax writing Finance Committee, Sens. Conrad and Grassley play a critical role in the energy debate.

“We commend these senators for their efforts to ensure a cleaner, more secure energy future for America,” said Buis. “The current ethanol tax incentives have played a critical role in the development of the ethanol industry in the United States and reducing our dependence on foreign oil.”

Buis added that the ethanol industry can do much more for our economy and environment with greater access to the market.

“Growth energy has proposed reforming ethanol policies in our fueling freedom plan and we stand ready to work with Congress and the Administration to invest in ethanol infrastructure. But, this investment won’t happen overnight. In the near-term, an extension of the ethanol tax incentive and the tariff will stabilize the marketplace, provide added certainty and give Congress the opportunity to consider longer term solutions next year.”

The letter was signed by a total of fifteen senators including:

Kent Conrad, United States Senator
Charles Grassley United States Senator
Amy Klobuchar, United States Senator
John Thune, United States Senator
Al Franken, United States Senator
Christopher Bond, United States Senator
Mike Johanns, United States Senator
Mark Kirk, United States Senator
Claire McCaskill, United States Senator
Sam Brownback, United States Senator
Byron Dorgan, United States Senator
Tom Harkin, United States Senator
Ben Nelson, United States Senator
Tim Johnson, United States Senator
Debbie Stabenow, United States Senator

The full letter can be read here.

Latest Updates see all

get email updates on our work and how you can help

  • This field is for validation purposes and should be left unchanged.

Connect

What do @sheetz, @FamilyExpress, and @caseysgenstore all have in common? They sell E15, giving them a competitive advantage and offering consumers a lower carbon fuel option that saves money at the pump. #NACSShow Booth #7051 https://t.co/4fCcwQ96fo

via @GrowthEnergy

By setting the 2022 RVO at 15 billion gallons, @EPA is ensuring American drivers have access to fuel that is: ✅ Lower cost ✅ Lower carbon We support EPA’s efforts to mitigate climate change and lower prices at the pump through robust RVOs. growthenergy.org/2022/10/03/gro…

via @GrowthEnergy

WARNING! Savings ahead when you pump higher blends of biofuel! Save $0.30/gal by switching to UNL88 (E15) or $0.60/gal with Flex Fuel vehicles (E85). Oh and BTW any cars after 2001 that take E15. Higher the blend higher the savings. #lowcost #lowcarbon @GrowthEnergy @GetBiofuel https://t.co/BmIXCGpcJA

via @D0RY_19