What is in this article?:
- Biodiesel industry cranking out record volume in 2011
- Tax credit expiration
- Despite the weak economy, the biodiesel industry is on track to produce at least 800 million gallons this year, more than double biodiesel production of 315 million gallons last year.
Tax credit expiration
The tax credit is again slated to expire in December of this year, threatening industry momentum and jobs. Sens. Maria Cantwell, D-Wash., and Charles Grassley, R-Iowa, have introduced S. 1277 to extend the tax incentive for three years. Reps. Aaron Schock, R-Ill., and Collin Peterson, D-Minn. have introduced a similar bill, H.R. 2238, in the House.
Biodiesel is America's first advanced biofuel - a renewable, clean-burning diesel replacement that is reducing U.S. dependence on foreign petroleum, creating green jobs and improving our environment. Made from an increasingly diverse mix of resources such as agricultural oils, recycled cooking oil and animal fats, it is the first and only commercial-scale fuel used across the U.S. to meet the Environmental Protection Agency's definition as an advanced biofuel. It is produced in nearly every state in the country and can be used in existing diesel engines.
To see the EPA's production numbers, see the volumes numbers in the "Biomass-based Diesel" category on the EPA's website.
To see the most recent economic analysis on the biodiesel industry, go to: http://www.biodiesel.org/news/pressreleases/supporting_docs/20110615_Economic%20Impact.pdf