WASHINGTON, DC – Growth Energy, the leading voice for U.S. ethanol supporters, released the following statement in response to a bill introduced on Tuesday by Sens. Tom Coburn (R-Okla.) and Dianne Feinstein (D-Calif.) that would end the U.S. tax credit for ethanol and the tariff on ethanol imports.
Director of Public Affairs Chris Thorne said, “This proposal would do nothing to open the transportation fuels market- which today is controlled by oil. This bill would raise gas prices at a time when motorists are already paying close to $4 a gallon at the pump and it would effectively end the development of next generation biofuels, pushing cellulosic ethanol off a cliff just as it is nearing commercial viability.
“Ethanol is the cheapest motor fuel on the planet – a recent study released by the Center for Agricultural and Rural Development (CARD) found that the increased use of ethanol reduced wholesale gasoline prices by an average of $0.89 per gallon in 2010. And grain ethanol producers are leading the way toward next generation fuels like cellulosic ethanol, which promise to reduce harmful emissions by as much as 100 percent relative to gasoline refined from oil.
“Eliminating the VEETC without reform would effectively pull the rug out from under the ethanol industry – at the cost of jobs, economic development and our energy security.”
###
About Growth Energy
Growth Energy represents the producers and supporters of ethanol who feed the world and fuel America in ways that achieve energy independence, improve economic well-being and create a healthier environment for all Americans now.