WASHINGTON, DC – Growth Energy, the leading voice of the U.S. ethanol industry, released the following statement in response to reports that Sens. Coburn, R-Okla., and Cardin, D-Md., are introducing a bill that would repeal the Volumetric Ethanol Excise Tax Credit.
Growth Energy CEO Tom Buis said, “At a time when gas prices are rising due to our dependence on foreign oil, this is the wrong choice at the wrong time. Ethanol – produced right here in America – is creating jobs that cannot be outsourced, strengthening our national security and improving our environment today. In fact it is the only significant progress this nation has made in reducing our dependence on foreign oil since the OPEC oil embargo. Ethanol is currently ten percent of our nation’s fuel usage and we can do more with greater access to the market.
“The ethanol industry is fully prepared to reform and reduce the cost of current tax programs; I would suggest Sens. Coburn and Cardin introduce legislation requiring the oil industry to do the same. In fact, Growth Energy proposed last year, in its Fueling Freedom plan, reforming the ethanol tax program and adopting policies to benefit consumers at the pump. We stand ready to work with Congress and the Administration to accomplish these goals.”
###
About Growth Energy
Growth Energy is a group committed to the promise of agriculture and growing America’s economy through cleaner, greener energy. Growth Energy members recognize America needs a new ethanol approach. Through smart policy reform and a proactive grassroots campaign, Growth Energy promotes reducing greenhouse gas emissions, expanding the use of ethanol in gasoline, decreasing our dependence on foreign oil, and creating American jobs at home. More information can be found at GrowthEnergy.org.