Coburn Amendment Ambush would Derail Ethanol, Reward OPEC

WASHINGTON, DC – Growth Energy, the leading voice for U.S. ethanol supporters, released the following statement in response to a job-killing amendment introduced last night by Sen. Tom Coburn, R-Okla., that would permit hostile countries to exert influence over our economy by blocking American motorists from choosing the only viable alternative to foreign oil: domestic ethanol. The Coburn amendment would immediately repeal the Volumetric Ethanol Excise Tax Credit (VEETC) and end the tariff on imported ethanol.

Growth Energy CEO Tom Buis said:

“Sen. Coburn filed his legislation within 24 hours of OPEC’s decision to let Americans suffer through high gas prices this summer. Sen. Coburn clearly doesn’t see the danger of letting Iran, Venezuela and Libya control our economy, but there are other senators who do. Domestic ethanol is the only viable alternative we have to foreign oil. Ironically, Sen. Coburn proposes his legislation to repeal ethanol tax policy just weeks after he helped defeat an effort to cut tens of billions of dollars in taxpayer giveaways to global oil companies who recently received all-time record profits at the expense of American motorists.”