POET: Ethanol tax credit reform must include infrastructure
Ethanol can compete and bring down gasoline prices if given the chance
Friday, June 17, 2011 - General Press Releases
Following a busy week of legislative activity, Jeff Broin, POET Chairman and CEO, reiterated that the most important aspect of ethanol tax credit reform is creating an open fuel market that allows ethanol to compete with gasoline.
“The ethanol tax credit has played an important role in developing the American ethanol industry and creating the only existing alternative to foreign oil,” Broin said. “With the credit scheduled to end after this year, we have seen lots of proposals for how it should be structured in the future, many of which have merit. We also understand that this debate is taking place at a time when the federal government is in tough financial shape.
“That’s why we are supportive of the efforts of Representative Kristi Noem to fashion a bill that would end the tax credit early, increase revenue for the government and build infrastructure for ethanol,” Broin said. “The biggest challenge facing the ethanol industry and American motorists is a lack of competition at the pump, and any tax credit reform effort must address that challenge. Giving choice to consumers would allow ethanol to compete directly with gasoline and lower prices at the pump.
POET, the largest ethanol producer in the world, is a leader in biorefining through its efficient, vertically integrated approach to production. The 23-year-old company has a production capacity of more than 1.7 billion gallons of ethanol and 10 billion pounds of high-protein animal feed annually from 27 production facilities nationwide. POET also operates a pilot-scale cellulosic ethanol plant, which uses corn cobs and light stover as feedstock, and will commercialize the process in Emmetsburg, Iowa. For more information, visit http://www.poet.com.