White House Statement: Opposing Straight VEETC Repeal

“President Obama has outlined a plan to reduce our oil imports by one-third by 2025. Increased production of biofuels are an important part of that plan, and the Administration is taking steps to reduce barriers to increased use of the biofuels we have today while investing in the development of next generation biofuels. With respect to incentives, the Administration is open to new approaches that meet today’s challenges and save taxpayers money.

“As we have made clear, the Administration opposes a straight repeal of the Volumetric Ethanol Excise Tax Credit (VEETC) as well efforts to block programs that will give consumers more access to biofuels.”