Quote:
U.S. Taxpayers Subsidizing Biodiesel Sold in Europe
By Scott Doggett, Contributor
U.S. subsidized biodiesel that can't be sold here is swamping Europe, wreaking financial havoc with many European biodiesel producers.
Adding insult to injury, much of the fuel subsidized by U.S. taxpayers at the rate of $1 a gallon isn’t even made in this country and is giving European motorists a break at the pumps.
A loophole in the 2004 subsidy act let U.S. fuel blenders claim the subsidy for entire boatloads of biodiesel produced elsewhere if they added just a dribble of petroleum-based diesel to the shipment before sending it off to Europe for sale at prices up to 30 percent below what European producers must charge
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On the news this morning, it was said that a tanker loaded with biofuel from anywhere, could come into a port in US, add a splash of deisel, and qualify for $1.00 per gallon subsidy on the hold load, about $9 million per tanker.
06-13-2008, 06:15 AM
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