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NFU calls for end to oil industry subsidies
National Farmers Union President Roger Johnson is calling on Congress to end tax subsidies for the oil industry and investing that money, instead, in biofuels. In his letter sent to US House and Senate leaders, Johnson said, Americans are “pinching pennies” while oil companies are posting “staggering” record profits. He used Exxon Mobile as an example, which reported first quarter earnings of over $10 Billion, a nearly 70-percent increase over Exxon profits for the same quarter last year.
Johnson claims nearly $40 Billion would be saved over 10 years by eliminating tax loopholes for oil companies. Johnson sites a Michigan State study that says increased use of ethanol fuel can amount to savings at the pump of $44 to $193 for individuals and up to $400 for a family of four.
Johnson says investing in biofuels production and infrastructure “makes sense for a stronger economy, greater national security, and a cleaner environment.”
Tags: Biodiesel, Biofuels, Congress, Ethanol, Renewable Fuels
Wow, someone from NFU finally said something smart.
Hey Mr. Johnson, while you are at it, why don’t you call for an end to the CRP? That is another albatross around the neck of rural America. Dump CRP and the corn-livestock fight will end.