The Volumetric Ethanol Excise Tax Credit, also known as VEETC, is a credit of .45 for every gallon of pure ethanol blended into gasoline.
It goes to the actual "blender" of the ethanol, not to corn growers and not to the ethanol plants that make ethanol.
This credit has helped the oil industry to build the infrastructure required to blend ethanol into the American fuel system.
The vote will come this Tuesday.
This surprise ambush tactic wasn't shared with the Senate's leadership:
Coburn didn’t inform either Senate Majority Leader Harry Reid or Minority Leader Mitch McConnell before he made his move, appearing to catch both completely off guard.It's not surprising that an oil-state senator would want to attempt to snuff out the only viable competition to oil.
But it is surprising to do it the same week that OPEC met and refused to increase production output.
Especially since Iran and Venezuela, no friends to the United States, led the charge for keeping production constant.
Of course they would.
Continued high gas prices hurts the US economy and every American.
Write or call Congress to let your thoughts be known.
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Good and Balanced Food and Fuel News!