National Corn Growers Association First Vice President Bart Schott released the following statement regarding Senate Majority Leader Harry Reid’s announcement that the Senate will not consider energy legislation before the Senate adjourns this week for its August recess:
“NCGA is disappointed that the Senate will not consider an energy package until at least September. However, we are hopeful this will allow for future discussions on how ethanol can contribute to our nation’s energy policy and our energy security in a broader energy package. NCGA urges Congress to include an extension of the Volumetric Ethanol Excise Tax Credit as they consider energy legislation when they return in the fall.
“The U.S. ethanol industry supports nearly 400,000 Americans across the nation. In the past year alone, ethanol added more than $50 billion to the national Gross Domestic Product and displaced the need for more than 360 million barrels of imported oil, valued at $16 billion. This is one of many reasons Congress should extend VEETC, which is set to expire at the end of 2010. If VEETC is allowed to expire, it will result in a 38 percent reduction in ethanol production volume.
“The ethanol industry has a positive impact not only on rural America, but on every American citizen as well. We must continue to invest in domestically produced fuels, and we must continue public policies that allow our biofuels industry to continue to evolve and grow.”