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NCGA disappointed by Reid’s announcement

Saying they are “disappointed” the Senate will not consider energy legislation before adjourning for the August recess, the National Corn Growers Association remains hopeful.

NCGA First Vice President Bart Schott says the organization will continue to urge Congress to include an extension of the Volumetric Ethanol Excise Tax Credit (VEETC) when they return this fall.

“The U.S. ethanol industry supports nearly 400,000 Americans across the nation. In the past year alone, ethanol added more than $50 billion to the national Gross Domestic Product and displaced the need for more than 360 million barrels of imported oil, valued at $16 billion,” said Schott. “This is one of many reasons Congress should extend VEETC which is set to expire at the end of 2010. If VEETC is allowed to expire, it will result in a 38 percent reduction in ethanol production volume.”