(March 10, 2011) Washington- Renewable Fuels Association (RFA) President and CEO, Bob Dinneen commented on legislation introduced by Senator Feinstein (D-CA) that would repeal the 45 cent per gallon ethanol tax credit for corn-based ethanol and lower the 54 cent per gallon ethanol import tariff to match the tax credit.

“At a time of rising gas prices and continued unrest in the Middle East, now is not the time for America to step away from American-made alternatives to foreign oil.  Ethanol is helping keep the price of gas per gallon lower while also improving the environment, American consumers deserve this option. The American ethanol industry is also creating good paying jobs that cannot be outsourced while ethanol’s detractors would prefer to stay dependent upon foreign oil by continuing to spend $1 billion dollars a day overseas to fuel our fossil fuel addiction. Abandoning America’s investment in an alternative fuel source that is ready right here, right now doesn’t make sense.  As an analyst, Dan Basse, pointed out last week in the Chicago Tribune, replacing almost 14 billion gallons of ethanol on short notice would drive up prices at the pump by as much as $1.40 per gallon.”