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Missouri Soybean Leader Discusses
Biodiesel Tax Credit FOR IMMEDIATE RELEASE: March 18, 2010 JEFFERSON CITY, Mo. – Missouri soybean farmers and biodiesel supporters salute Rudolf Diesel, inventor of the diesel engine, today as it marks National Biodiesel Day. The biodiesel industry chose Diesel’s birthday, the 18th of March, to honor Diesel for his foresight in recognizing the valuable role of vegetable oil-based fuel. In a 1912 speech, Diesel said, "the use of vegetable oils for engine fuels may seem insignificant today, but such oils may become, in the course of time, as important as petroleum and the coal tar products of the present time." Diesel’s vision has proved prophetic in recent years as the biodiesel industry has grown by leaps and bounds despite hitting a few snags along the way. When Congress allowed the $1-per-gallon federal biodiesel tax credit to expire on December 31, 2009, the consequences were immediate. Many biodiesel producers shut down their operations resulting in layoffs and a relative standstill in production. Last week the U.S. Senate passed legislation that would retroactively extend the biodiesel tax credit through the remainder of 2010. The House of Representatives has passed a similar bill that will have to be reconciled before the tax credit is reinstated. “The federal biodiesel tax credit has helped us make soy-based biodiesel a reality and it is critically important that it be restored while the biodiesel industry continues to develop,” said Kelly Forck, president of the Missouri Soybean Association. “The biodiesel industry is still young and very much in its infancy.” Forck said the tax credit helps biodiesel producers be more competitive with heavily subsidized petroleum-based fuels. “What most people fail to realize is that almost all of the fuel in this country is subsidized in one way or another,” Forck said. “Oil companies still receive tens of billions of dollars in subsidies from the U.S. government despite the record profits they brought in during 2007. The biodiesel tax credit is really about leveling the playing field for a renewable fuel that has created jobs, is better for the environment and is produced in the United States." ###
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© Missouri Soybean Programs |