Skip to main content
  1. News
  2. Top News

Ohio's biodiesel industry and jobs at risk

The Ohio Soybean Association is calling on congress to renew an extension of a $1 per gallon biodiesel tax credit originally enacted in 2004. The tax encourages business and consumers to use biodiesel to reduce the nations dependence on foreign oil. The tax expired at the end of December, and in its absence the OSA
says it harms the future prosperity of statewide businesses supported by domestic biodiesel production.

“Hundreds of jobs are threatened if congress fails to extend this tax credit” said Jamie Butts, OSA executive director. He says Ohio soybean farmers will lose a significant market opportunity if action is not taken immediately. The expiration of the tax credit he says, endangers the country's billion dollar biodiesel industry which would have detrimental effects on Ohio's economy.

Experts say biodiesel will now be significantly more expensive in the marketplace than petroleum diesel fuel. They also say layoffs for workers in businesses supported by domestic biodiesel production are certain, directly affecting the states eight plants, 150 distributors and 50 retail fuel stations.

Butts says since its enactment, the biodiesel tax incentive has increased the domestic production and use of 25 million gallons in 2004 to 690 million gallons in 2008. In 2009, the industry supported more than 23,000 jobs nationwide, displaced more than 26 million barrels of oil and added more than 4 billion dollars to the national economy.

The OSA, using figures from the U.S. Dept of Energy, says without biodiesel production to offset the country's energy costs, gas prices would increase between 20 cents and 35 cents per gallon. And if the tax credit extension is not passed, Butts says, the average U.S. Household lose the $150 to $300 savings it had in 2008

The OSA makes no beans about it saying swift passage of the tax credit extension is vital to the nations economies and energy independence.

For additional info: http://associationdatabase.com/aws/OHSOY/pt/sp/osa_home

Comments

Advertisement

News

  • Israel, Hamas clash in Gaza
    At least 550 Palestinians have been killed in Gaza in the third week of the war
    Video
    Video
  • Pro-Russia guards
    President Obama criticizes pro-Russian rebels for blocking off the MH17 crash site
    World News
  • National Guard at Texas border
    Texas Gov. Rick Perry sending National Guard troops to the US-Mexico border
    US News
  • Unlikely Putin defender
    The unlikeliest US politician comes to the defense of Russia's president, Vladimir Putin
    Politics
  • iPhone 6 coming soon
    Apple is gearing up for the iPhone 6, orders tens of millions of units
    Tech
  • Gynecologist settlement
    Johns Hopkins agrees to $190M settlement for patients recorded by gynecologist
    Strange News