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$2 billion for CARS comes from renewable energy

The House moved quickly on Friday to put another $2 billion into the Cash-for-Clunkers program. On a 316-109 vote, members transferred the money from the Department of Energy’s renewable energy loan guarantee program.

Bob Dineen with the Renewable Fuels Association says while they certainly understand the economic situation in the United States and support the CARS program, they hope Congress will replenish the renewable energy loan program. Dineen says while it is important to get more fuel efficient cars on the road, it is also important to have those cars running on renewable fuels to benefit both the economy and the environment. “We need to have both.”

The situation presented itself in that the funds in the renewable energy loan program were not being utilized, “DOE has been a little slow in getting the regulations out to get the program moving,” says Dineen, “but there is no shortage of projects that would like to have access to this loan guarantee money.” While $2 billion is just a portion of the money in the fund, he wants to make sure it is all there when it is needed.

The Senate is expected to take up the issue next week.

 AUDIO: Bob Dineen talks about the Cash-for-Clunkers deal 3:00