Shadegg and Bernanke Tout Free Market for Biofuels
Shadegg: “It is unconscionable to force American consumers, already suffering from absurdly high gasoline prices, to pay an additional 54 cents a gallon for ethanol just because it was produced outside the U.S.”
Washington,
Jul 18 -
Yesterday, Federal Reserve Chairman Ben Bernanke agreed with Congressman John Shadegg (R-AZ) and said removing the 54 cent per gallon tariff on imported ethanol “would be a good step to take.”
More than two years ago, Congressman Shadegg, who has long championed free markets in the biofuels industry, introduced legislation to do exactly that. H.R. 5170, introduced on April 25, 2006, would repeal the outrageous tariff currently imposed on foreign ethanol. Most recently, in the 110th Congress, he introduced the same bill, H.R. 6137, on May 22, 2008.
“I'm glad Chairman Bernanke agrees with me. He has advocated this idea since March; unfortunately, his support has fallen on deaf ears here in Congress. It is unconscionable to force American consumers, already suffering from absurdly high gasoline prices, to pay an additional 54 cents per gallon for ethanol just because it was produced outside the U.S. The high cost of fuel for cars and trucks in America is hurting American families and destroying American jobs. We need to pass my bill and repeal this punitive tariff now,” said Congressman Shadegg.
H.R. 6137 is currently awaiting action in the House Ways and Means Committee.
