In Washington, the Natural Resources Defense Council, the Union of Concerned Scientists, Friends of the Earth and the Clean Air Task Force are running an ad in the Congress Daily, which points to “the wastefulness and redundancy of the Volumetric Ethanol Excise Tax Credit, which amounts to little more than a massive government bribe to oil companies to get them to buy and blend gallons of corn ethanol they are already required to purchase under the Renewable Fuel Standard,” according to a blog post by the NRDC’s Nathanael Greene.
The ad is headlined “Everyone who thinks Big Oil should get $31 billion from U.S. taxpayers, please sign on the dotted line.
“So why has Old Ethanol mounted a massive lobbying campaign pushing Congress to extend the VEETC?” Greene asks. “Corn ethanol producers have built out their industry to supply the additional gallons of ethanol oil companies purchase beyond RFS mandates as a result of the tax credit. So now this mainstream industry is asking American taxpayers to continue spending billions per year just so they can keep their market a little tighter and their profits a little higher.”