Ethanol Industry, a Big Contributor to the US Economy

Renewable Fuels Association, President and CEO, Geoff Cooper, says that the farm sector can benefit with ethanol by expanding the Renewable Fuel Standard, revisiting the tailpipe emission standards, and bringing more certainty and stability to biofuel tax credits and policy.

"Congress and the administration have a lot to sort out when it comes to our nation's tax policy, and that includes the future and fate of these Ira tax credits. And if there's one thing we know, it's that markets hate uncertainty, maybe I should rephrase that markets absolutely despise uncertainty. But realistically, it may be a while before we have the answers we need on 40 5z and that's why, in the meantime, RFA believes Congress should strongly consider reinstating the suite of biofuel tax incentives that expired in December, including the second generation biofuel producer tax credit."

When Cooper says "IRA", he is referring to the Inflation Reduction Act. Cooper says that at the 30th annual National Ethanol Conference held recently, there was a lot of optimism on the opportunities that lie ahead for the ethanol industry. It was also pointed out last year, ethanol contributed $50 billion to the gross domestic product, generated over $25 billion in income, and supported more than 300,000 jobs