Gasoline Below $3.00 A Gallon; Thank You Mr. President

[KissMy]

FEDERAL AND STATE SUBSIDIES

The federal and state subsidies in the form of cash grants, tax credits, production credits, renewable energy credits, and accelerated depreciation write-offs are estimated at 35 - 45 billion dollars for the 1978 - 2015 period, most of it since about 2005.

E10 Blender Credit: The Volumetric Ethanol Excise Tax Credit (VEETC) of 51 c/gallon of ethanol was created in 2004 to provide oil refiners with an economic incentive to blend ethanol with gasoline. As of January 1, 2009, the “blender tax credit” (5.1 c/gallon for E10, and 42 c/gallon for E85) was reduced to 45 c/gallon. The “blender tax credit” expired on 31 July 2011. As E10 contains up to 10% ethanol, the credit per gallon of E10 was up to 4.5 cent. Eliminating the credit means the pump price of E10 may increase by up to 4.5 c/gallon. The “blender tax credit” distorted the economics in the corn market, which increased the cost of feed corn for cattle, and the cost of food in general.

Note: Corn-to-ethanol processors had been selling ethanol to oil refiners at about $3.00/gallon, but after expiration of the “blender tax credit”, sold at about $2.20/gallon. This price is still artificially low, because of the various OTHER subsidies. At a federal corporate tax rate of 35%, the 80 cent cost decrease would yield the oil refiner a net profit of 52 cent and create a 28 cent federal tax obligation, if they sell the E10 at the same price. Not getting the 80c will cause corn-to-ethanol processors to have less profits, or a loss.

Post-Mortem for the Ethanol Tax Credit RedState

- As about 13.95 bg of ethanol were used to produce the various blends in 2011, the credit would have cost the federal government about $6.975 billion in taxes not collected. A 54 c/gallon tariff on ethanol imports, to protect the US corn-to-ethanol industry, also expired on July 31, 2011.

- Effective July 31, 2011, a tax credit for cellulosic biofuel production, set to expire at the end of 2012, was extended for three years, and expanded to include fuels from other crops and algae.

As a result, the net federal deficit reduction of the two meaures was a mere $1.3 billion in 2011.

You are talking about Bush era ethanol (VEETC) tax cuts that all expired. There are no cellulosic ethanol tax cuts being used. Ethanol is only $1.50 & is lowering gas prices.

You just proved, there is no Ethanol Subsidy. Since 1970 the US has spent $1.05 a gallon to secure foreign oil. That is a real $1.05 a gallon oil subsidy that tax payers had to pay for.

BULLSHIT!!!

... a tax credit for cellulosic biofuel production, set to expire at the end of 2012, was extended for three years, and expanded to include fuels from other crops and algae.

DO YOU OR DO YOU NOT KNOW WHAT 12+3 IS? YES OR FRIGGING NO?

DO YOU OR DO YOU NOT UNDERSTAND THAT PAYING THEM HUNDREDS OF MILLIONS IN GRANT MONEY TO BUILD ETHANOL PLANTS IS AN EFFING SUBSIDY?

Were you born this stupid or did it take a liberal education to get you there?

As I said, cellulosic ethanol production is zero, so there is no tax cut on cellulosic ethanol.

 

[JWBooth]

It's actually below $2.90 a gallon in SW Houston.

Obama's Fault.

Getting back to where it was before he took office, hell of an accomplishment.

 

[RKMBrown]

FEDERAL AND STATE SUBSIDIES

The federal and state subsidies in the form of cash grants, tax credits, production credits, renewable energy credits, and accelerated depreciation write-offs are estimated at 35 - 45 billion dollars for the 1978 - 2015 period, most of it since about 2005.

E10 Blender Credit: The Volumetric Ethanol Excise Tax Credit (VEETC) of 51 c/gallon of ethanol was created in 2004 to provide oil refiners with an economic incentive to blend ethanol with gasoline. As of January 1, 2009, the “blender tax credit” (5.1 c/gallon for E10, and 42 c/gallon for E85) was reduced to 45 c/gallon. The “blender tax credit” expired on 31 July 2011. As E10 contains up to 10% ethanol, the credit per gallon of E10 was up to 4.5 cent. Eliminating the credit means the pump price of E10 may increase by up to 4.5 c/gallon. The “blender tax credit” distorted the economics in the corn market, which increased the cost of feed corn for cattle, and the cost of food in general.

Note: Corn-to-ethanol processors had been selling ethanol to oil refiners at about $3.00/gallon, but after expiration of the “blender tax credit”, sold at about $2.20/gallon. This price is still artificially low, because of the various OTHER subsidies. At a federal corporate tax rate of 35%, the 80 cent cost decrease would yield the oil refiner a net profit of 52 cent and create a 28 cent federal tax obligation, if they sell the E10 at the same price. Not getting the 80c will cause corn-to-ethanol processors to have less profits, or a loss.

Post-Mortem for the Ethanol Tax Credit RedState

- As about 13.95 bg of ethanol were used to produce the various blends in 2011, the credit would have cost the federal government about $6.975 billion in taxes not collected. A 54 c/gallon tariff on ethanol imports, to protect the US corn-to-ethanol industry, also expired on July 31, 2011.

- Effective July 31, 2011, a tax credit for cellulosic biofuel production, set to expire at the end of 2012, was extended for three years, and expanded to include fuels from other crops and algae.

As a result, the net federal deficit reduction of the two meaures was a mere $1.3 billion in 2011.

You are talking about Bush era ethanol (VEETC) tax cuts that all expired. There are no cellulosic ethanol tax cuts being used. Ethanol is only $1.50 & is lowering gas prices.

You just proved, there is no Ethanol Subsidy. Since 1970 the US has spent $1.05 a gallon to secure foreign oil. That is a real $1.05 a gallon oil subsidy that tax payers had to pay for.

BULLSHIT!!!

... a tax credit for cellulosic biofuel production, set to expire at the end of 2012, was extended for three years, and expanded to include fuels from other crops and algae.

DO YOU OR DO YOU NOT KNOW WHAT 12+3 IS? YES OR FRIGGING NO?

DO YOU OR DO YOU NOT UNDERSTAND THAT PAYING THEM HUNDREDS OF MILLIONS IN GRANT MONEY TO BUILD ETHANOL PLANTS IS AN EFFING SUBSIDY?

Were you born this stupid or did it take a liberal education to get you there?

As I said, cellulosic ethanol production is zero, so there is no tax cut on cellulosic ethanol.

Corn Ethanol Supports in the Federal Tax Code
Some subsidies for corn ethanol are still scattered throughout the federal tax code. Two of the most prominent are listed in the table below. Ten-year cost estimates are derived from the Joint Committee on Taxation.

Table 2: Corn Ethanol Supports in Federal Tax Code
Tax Credit Name	Description	Total Ten-Year Cost (FY13-22)
Volumetric Biodiesel Excise Tax Credit and Renewable Biodiesel Tax Credit	The biodiesel production tax credit of $1 per gallon supports eligible feedstocks such as “virgin oils, esters derived from corn, soybeans, sunflower seeds, cottonseeds, canola, crambe, rapeseeds, safflowers, flaxseeds, rice bran, mustard seeds, and camelina, and from animal fats.”	$16.2 billion
Alternative Fuel Vehicle Refueling Property Credit	Facilities dispensing certain alternative fuels can receive a refueling property credit in the form of a 30% tax break. Eligible facilities include gasoline stations, those installing biodiesel or 85% ethanol (E85) blender pumps, or repowering sites for electric vehicles. Stations dispensing natural gas, liquefied natural gas (LNG), and liquefied petroleum gas (LPG) are also eligible.	$220 million

[THEAD] [/THEAD]
[TBODY] [/TBODY]

Deficit hawks, environmentalists, and food processors are celebrating the expiration of the ethanol tax credit. This corporate handout gave $0.45 to ethanol producers for every gallon they produced and cost taxpayers $6 billion in 2011. So why did the powerful corn ethanol lobby let it expire without an apparent fight? The answer lies in legislation known as the Renewable Fuel Standard (RFS), which creates government-guaranteed demand that keeps corn prices high and generates massive farm profits. Removing the tax credit but keeping the RFS is like scraping a little frosting from the ethanol-boondoggle cake.

The RFS mandates that at least 37 percent of the 2011-12 corn crop be converted to ethanol and blended with the gasoline that powers our cars…[As a result] the current price of corn on the Chicago Mercantile Exchange is about $6.50 per bushel—almost triple the pre-mandate level.

Yes some of the subsidies went away and were replaced with mandates that force the price per bushel up. And they are still granting money for building ethanol plants.

 

[KissMy]

FEDERAL AND STATE SUBSIDIES

The federal and state subsidies in the form of cash grants, tax credits, production credits, renewable energy credits, and accelerated depreciation write-offs are estimated at 35 - 45 billion dollars for the 1978 - 2015 period, most of it since about 2005.

E10 Blender Credit: The Volumetric Ethanol Excise Tax Credit (VEETC) of 51 c/gallon of ethanol was created in 2004 to provide oil refiners with an economic incentive to blend ethanol with gasoline. As of January 1, 2009, the “blender tax credit” (5.1 c/gallon for E10, and 42 c/gallon for E85) was reduced to 45 c/gallon. The “blender tax credit” expired on 31 July 2011. As E10 contains up to 10% ethanol, the credit per gallon of E10 was up to 4.5 cent. Eliminating the credit means the pump price of E10 may increase by up to 4.5 c/gallon. The “blender tax credit” distorted the economics in the corn market, which increased the cost of feed corn for cattle, and the cost of food in general.

Note: Corn-to-ethanol processors had been selling ethanol to oil refiners at about $3.00/gallon, but after expiration of the “blender tax credit”, sold at about $2.20/gallon. This price is still artificially low, because of the various OTHER subsidies. At a federal corporate tax rate of 35%, the 80 cent cost decrease would yield the oil refiner a net profit of 52 cent and create a 28 cent federal tax obligation, if they sell the E10 at the same price. Not getting the 80c will cause corn-to-ethanol processors to have less profits, or a loss.

Post-Mortem for the Ethanol Tax Credit RedState

- As about 13.95 bg of ethanol were used to produce the various blends in 2011, the credit would have cost the federal government about $6.975 billion in taxes not collected. A 54 c/gallon tariff on ethanol imports, to protect the US corn-to-ethanol industry, also expired on July 31, 2011.

- Effective July 31, 2011, a tax credit for cellulosic biofuel production, set to expire at the end of 2012, was extended for three years, and expanded to include fuels from other crops and algae.

As a result, the net federal deficit reduction of the two meaures was a mere $1.3 billion in 2011.

You are talking about Bush era ethanol (VEETC) tax cuts that all expired. There are no cellulosic ethanol tax cuts being used. Ethanol is only $1.50 & is lowering gas prices.

You just proved, there is no Ethanol Subsidy. Since 1970 the US has spent $1.05 a gallon to secure foreign oil. That is a real $1.05 a gallon oil subsidy that tax payers had to pay for.

BULLSHIT!!!

... a tax credit for cellulosic biofuel production, set to expire at the end of 2012, was extended for three years, and expanded to include fuels from other crops and algae.

DO YOU OR DO YOU NOT KNOW WHAT 12+3 IS? YES OR FRIGGING NO?

DO YOU OR DO YOU NOT UNDERSTAND THAT PAYING THEM HUNDREDS OF MILLIONS IN GRANT MONEY TO BUILD ETHANOL PLANTS IS AN EFFING SUBSIDY?

Were you born this stupid or did it take a liberal education to get you there?

As I said, cellulosic ethanol production is zero, so there is no tax cut on cellulosic ethanol.

Corn Ethanol Supports in the Federal Tax Code
Some subsidies for corn ethanol are still scattered throughout the federal tax code. Two of the most prominent are listed in the table below. Ten-year cost estimates are derived from the Joint Committee on Taxation.

Table 2: Corn Ethanol Supports in Federal Tax Code
Tax Credit Name	Description	Total Ten-Year Cost (FY13-22)
Volumetric Biodiesel Excise Tax Credit and Renewable Biodiesel Tax Credit	The biodiesel production tax credit of $1 per gallon supports eligible feedstocks such as “virgin oils, esters derived from corn, soybeans, sunflower seeds, cottonseeds, canola, crambe, rapeseeds, safflowers, flaxseeds, rice bran, mustard seeds, and camelina, and from animal fats.”	$16.2 billion
Alternative Fuel Vehicle Refueling Property Credit	Facilities dispensing certain alternative fuels can receive a refueling property credit in the form of a 30% tax break. Eligible facilities include gasoline stations, those installing biodiesel or 85% ethanol (E85) blender pumps, or repowering sites for electric vehicles. Stations dispensing natural gas, liquefied natural gas (LNG), and liquefied petroleum gas (LPG) are also eligible.	$220 million

[THEAD] [/THEAD]
[TBODY] [/TBODY]

Deficit hawks, environmentalists, and food processors are celebrating the expiration of the ethanol tax credit. This corporate handout gave $0.45 to ethanol producers for every gallon they produced and cost taxpayers $6 billion in 2011. So why did the powerful corn ethanol lobby let it expire without an apparent fight? The answer lies in legislation known as the Renewable Fuel Standard (RFS), which creates government-guaranteed demand that keeps corn prices high and generates massive farm profits. Removing the tax credit but keeping the RFS is like scraping a little frosting from the ethanol-boondoggle cake.

The RFS mandates that at least 37 percent of the 2011-12 corn crop be converted to ethanol and blended with the gasoline that powers our cars…[As a result] the current price of corn on the Chicago Mercantile Exchange is about $6.50 per bushel—almost triple the pre-mandate level.

Yes some of the subsidies went away and were replaced with mandates that force the price per bushel up. And they are still granting money for building ethanol plants.

Again this is all either expired Bush era ethanol or tax breaks made available but never claimed. Biodiesel & electric charging stations ain't ethanol.

 

[RKMBrown]

FEDERAL AND STATE SUBSIDIES

The federal and state subsidies in the form of cash grants, tax credits, production credits, renewable energy credits, and accelerated depreciation write-offs are estimated at 35 - 45 billion dollars for the 1978 - 2015 period, most of it since about 2005.

E10 Blender Credit: The Volumetric Ethanol Excise Tax Credit (VEETC) of 51 c/gallon of ethanol was created in 2004 to provide oil refiners with an economic incentive to blend ethanol with gasoline. As of January 1, 2009, the “blender tax credit” (5.1 c/gallon for E10, and 42 c/gallon for E85) was reduced to 45 c/gallon. The “blender tax credit” expired on 31 July 2011. As E10 contains up to 10% ethanol, the credit per gallon of E10 was up to 4.5 cent. Eliminating the credit means the pump price of E10 may increase by up to 4.5 c/gallon. The “blender tax credit” distorted the economics in the corn market, which increased the cost of feed corn for cattle, and the cost of food in general.

Note: Corn-to-ethanol processors had been selling ethanol to oil refiners at about $3.00/gallon, but after expiration of the “blender tax credit”, sold at about $2.20/gallon. This price is still artificially low, because of the various OTHER subsidies. At a federal corporate tax rate of 35%, the 80 cent cost decrease would yield the oil refiner a net profit of 52 cent and create a 28 cent federal tax obligation, if they sell the E10 at the same price. Not getting the 80c will cause corn-to-ethanol processors to have less profits, or a loss.

Post-Mortem for the Ethanol Tax Credit RedState

- As about 13.95 bg of ethanol were used to produce the various blends in 2011, the credit would have cost the federal government about $6.975 billion in taxes not collected. A 54 c/gallon tariff on ethanol imports, to protect the US corn-to-ethanol industry, also expired on July 31, 2011.

- Effective July 31, 2011, a tax credit for cellulosic biofuel production, set to expire at the end of 2012, was extended for three years, and expanded to include fuels from other crops and algae.

As a result, the net federal deficit reduction of the two meaures was a mere $1.3 billion in 2011.

You are talking about Bush era ethanol (VEETC) tax cuts that all expired. There are no cellulosic ethanol tax cuts being used. Ethanol is only $1.50 & is lowering gas prices.

You just proved, there is no Ethanol Subsidy. Since 1970 the US has spent $1.05 a gallon to secure foreign oil. That is a real $1.05 a gallon oil subsidy that tax payers had to pay for.

BULLSHIT!!!

... a tax credit for cellulosic biofuel production, set to expire at the end of 2012, was extended for three years, and expanded to include fuels from other crops and algae.

DO YOU OR DO YOU NOT KNOW WHAT 12+3 IS? YES OR FRIGGING NO?

DO YOU OR DO YOU NOT UNDERSTAND THAT PAYING THEM HUNDREDS OF MILLIONS IN GRANT MONEY TO BUILD ETHANOL PLANTS IS AN EFFING SUBSIDY?

Were you born this stupid or did it take a liberal education to get you there?

As I said, cellulosic ethanol production is zero, so there is no tax cut on cellulosic ethanol.

Corn Ethanol Supports in the Federal Tax Code
Some subsidies for corn ethanol are still scattered throughout the federal tax code. Two of the most prominent are listed in the table below. Ten-year cost estimates are derived from the Joint Committee on Taxation.

Table 2: Corn Ethanol Supports in Federal Tax Code
Tax Credit Name	Description	Total Ten-Year Cost (FY13-22)
Volumetric Biodiesel Excise Tax Credit and Renewable Biodiesel Tax Credit	The biodiesel production tax credit of $1 per gallon supports eligible feedstocks such as “virgin oils, esters derived from corn, soybeans, sunflower seeds, cottonseeds, canola, crambe, rapeseeds, safflowers, flaxseeds, rice bran, mustard seeds, and camelina, and from animal fats.”	$16.2 billion
Alternative Fuel Vehicle Refueling Property Credit	Facilities dispensing certain alternative fuels can receive a refueling property credit in the form of a 30% tax break. Eligible facilities include gasoline stations, those installing biodiesel or 85% ethanol (E85) blender pumps, or repowering sites for electric vehicles. Stations dispensing natural gas, liquefied natural gas (LNG), and liquefied petroleum gas (LPG) are also eligible.	$220 million

[THEAD] [/THEAD]
[TBODY] [/TBODY]

Deficit hawks, environmentalists, and food processors are celebrating the expiration of the ethanol tax credit. This corporate handout gave $0.45 to ethanol producers for every gallon they produced and cost taxpayers $6 billion in 2011. So why did the powerful corn ethanol lobby let it expire without an apparent fight? The answer lies in legislation known as the Renewable Fuel Standard (RFS), which creates government-guaranteed demand that keeps corn prices high and generates massive farm profits. Removing the tax credit but keeping the RFS is like scraping a little frosting from the ethanol-boondoggle cake.

The RFS mandates that at least 37 percent of the 2011-12 corn crop be converted to ethanol and blended with the gasoline that powers our cars…[As a result] the current price of corn on the Chicago Mercantile Exchange is about $6.50 per bushel—almost triple the pre-mandate level.

Yes some of the subsidies went away and were replaced with mandates that force the price per bushel up. And they are still granting money for building ethanol plants.

Again this is all either expired Bush era ethanol or tax breaks made available but never claimed. Biodiesel & electric charging stations ain't ethanol.

I see so 85% ethanol (E85) blender pumps are not 85% ethanol (E85) blender pumps; ethanol mandates are not ethanol mandates; and federal and state grants of taxpayer funds to ethanol plant construction is not a grant to ethanol plant construction. This because you say it's not.

 

[KissMy]

You are talking about Bush era ethanol (VEETC) tax cuts that all expired. There are no cellulosic ethanol tax cuts being used. Ethanol is only $1.50 & is lowering gas prices.

You just proved, there is no Ethanol Subsidy. Since 1970 the US has spent $1.05 a gallon to secure foreign oil. That is a real $1.05 a gallon oil subsidy that tax payers had to pay for.

BULLSHIT!!!

... a tax credit for cellulosic biofuel production, set to expire at the end of 2012, was extended for three years, and expanded to include fuels from other crops and algae.

DO YOU OR DO YOU NOT KNOW WHAT 12+3 IS? YES OR FRIGGING NO?

DO YOU OR DO YOU NOT UNDERSTAND THAT PAYING THEM HUNDREDS OF MILLIONS IN GRANT MONEY TO BUILD ETHANOL PLANTS IS AN EFFING SUBSIDY?

Were you born this stupid or did it take a liberal education to get you there?

As I said, cellulosic ethanol production is zero, so there is no tax cut on cellulosic ethanol.

Corn Ethanol Supports in the Federal Tax Code
Some subsidies for corn ethanol are still scattered throughout the federal tax code. Two of the most prominent are listed in the table below. Ten-year cost estimates are derived from the Joint Committee on Taxation.

Table 2: Corn Ethanol Supports in Federal Tax Code
Tax Credit Name	Description	Total Ten-Year Cost (FY13-22)
Volumetric Biodiesel Excise Tax Credit and Renewable Biodiesel Tax Credit	The biodiesel production tax credit of $1 per gallon supports eligible feedstocks such as “virgin oils, esters derived from corn, soybeans, sunflower seeds, cottonseeds, canola, crambe, rapeseeds, safflowers, flaxseeds, rice bran, mustard seeds, and camelina, and from animal fats.”	$16.2 billion
Alternative Fuel Vehicle Refueling Property Credit	Facilities dispensing certain alternative fuels can receive a refueling property credit in the form of a 30% tax break. Eligible facilities include gasoline stations, those installing biodiesel or 85% ethanol (E85) blender pumps, or repowering sites for electric vehicles. Stations dispensing natural gas, liquefied natural gas (LNG), and liquefied petroleum gas (LPG) are also eligible.	$220 million

[THEAD] [/THEAD]
[TBODY] [/TBODY]

Deficit hawks, environmentalists, and food processors are celebrating the expiration of the ethanol tax credit. This corporate handout gave $0.45 to ethanol producers for every gallon they produced and cost taxpayers $6 billion in 2011. So why did the powerful corn ethanol lobby let it expire without an apparent fight? The answer lies in legislation known as the Renewable Fuel Standard (RFS), which creates government-guaranteed demand that keeps corn prices high and generates massive farm profits. Removing the tax credit but keeping the RFS is like scraping a little frosting from the ethanol-boondoggle cake.

The RFS mandates that at least 37 percent of the 2011-12 corn crop be converted to ethanol and blended with the gasoline that powers our cars…[As a result] the current price of corn on the Chicago Mercantile Exchange is about $6.50 per bushel—almost triple the pre-mandate level.

Yes some of the subsidies went away and were replaced with mandates that force the price per bushel up. And they are still granting money for building ethanol plants.

Again this is all either expired Bush era ethanol or tax breaks made available but never claimed. Biodiesel & electric charging stations ain't ethanol.

I see so 85% ethanol (E85) blender pumps are not 85% ethanol (E85) blender pumps; ethanol mandates are not ethanol mandates; and federal and state grants of taxpayer funds to ethanol plant construction is not a grant to ethanol plant construction. This because you say it's not.

You are still harping on Bush era ethanol.
Ethanol plants are not getting grants from Obama.

 

[nodoginnafight]

You are talking about Bush era ethanol (VEETC) tax cuts that all expired. There are no cellulosic ethanol tax cuts being used. Ethanol is only $1.50 & is lowering gas prices.

You just proved, there is no Ethanol Subsidy. Since 1970 the US has spent $1.05 a gallon to secure foreign oil. That is a real $1.05 a gallon oil subsidy that tax payers had to pay for.

BULLSHIT!!!

... a tax credit for cellulosic biofuel production, set to expire at the end of 2012, was extended for three years, and expanded to include fuels from other crops and algae.

DO YOU OR DO YOU NOT KNOW WHAT 12+3 IS? YES OR FRIGGING NO?

DO YOU OR DO YOU NOT UNDERSTAND THAT PAYING THEM HUNDREDS OF MILLIONS IN GRANT MONEY TO BUILD ETHANOL PLANTS IS AN EFFING SUBSIDY?

Were you born this stupid or did it take a liberal education to get you there?

As I said, cellulosic ethanol production is zero, so there is no tax cut on cellulosic ethanol.

Corn Ethanol Supports in the Federal Tax Code
Some subsidies for corn ethanol are still scattered throughout the federal tax code. Two of the most prominent are listed in the table below. Ten-year cost estimates are derived from the Joint Committee on Taxation.

Table 2: Corn Ethanol Supports in Federal Tax Code
Tax Credit Name	Description	Total Ten-Year Cost (FY13-22)
Volumetric Biodiesel Excise Tax Credit and Renewable Biodiesel Tax Credit	The biodiesel production tax credit of $1 per gallon supports eligible feedstocks such as “virgin oils, esters derived from corn, soybeans, sunflower seeds, cottonseeds, canola, crambe, rapeseeds, safflowers, flaxseeds, rice bran, mustard seeds, and camelina, and from animal fats.”	$16.2 billion
Alternative Fuel Vehicle Refueling Property Credit	Facilities dispensing certain alternative fuels can receive a refueling property credit in the form of a 30% tax break. Eligible facilities include gasoline stations, those installing biodiesel or 85% ethanol (E85) blender pumps, or repowering sites for electric vehicles. Stations dispensing natural gas, liquefied natural gas (LNG), and liquefied petroleum gas (LPG) are also eligible.	$220 million

[THEAD] [/THEAD]
[TBODY] [/TBODY]

Deficit hawks, environmentalists, and food processors are celebrating the expiration of the ethanol tax credit. This corporate handout gave $0.45 to ethanol producers for every gallon they produced and cost taxpayers $6 billion in 2011. So why did the powerful corn ethanol lobby let it expire without an apparent fight? The answer lies in legislation known as the Renewable Fuel Standard (RFS), which creates government-guaranteed demand that keeps corn prices high and generates massive farm profits. Removing the tax credit but keeping the RFS is like scraping a little frosting from the ethanol-boondoggle cake.

The RFS mandates that at least 37 percent of the 2011-12 corn crop be converted to ethanol and blended with the gasoline that powers our cars…[As a result] the current price of corn on the Chicago Mercantile Exchange is about $6.50 per bushel—almost triple the pre-mandate level.

Yes some of the subsidies went away and were replaced with mandates that force the price per bushel up. And they are still granting money for building ethanol plants.

Again this is all either expired Bush era ethanol or tax breaks made available but never claimed. Biodiesel & electric charging stations ain't ethanol.

I see so 85% ethanol (E85) blender pumps are not 85% ethanol (E85) blender pumps; ethanol mandates are not ethanol mandates; and federal and state grants of taxpayer funds to ethanol plant construction is not a grant to ethanol plant construction. This because you say it's not.

And ethanol mandates weren't enacted before Obama got elected because you didn't know that they were?

Yeah, ok. Knock yourself out Einstein.

 

[KissMy]

Fracking was invented in 1947 and the first commercially successful application followed in 1949. "Eco-Pads" is what made US Fracking economical so it could compete with foreign oil. Regulators dropped boundries 500' setbacks for Eco-Pad producers allowing unlimited reach from one drill pad.

In August, 2009 under the Obama administration Eco-Pad limitless boundary drilling was approved by regulators. US oil production exploded after that!

 

[cultsmasher]

It's actually below $2.90 a gallon in SW Houston.

Obama's Fault.

Candycorn,
My brother pointed out to me why gas prices are probably low. Because elections are coming up.

 

[nodoginnafight]

It's actually below $2.90 a gallon in SW Houston.

Obama's Fault.

Candycorn,
My brother pointed out to me why gas prices are probably low. Because elections are coming up.

And who is running for office that has had an impact on gas prices?

 

[RKMBrown]

BULLSHIT!!!

... a tax credit for cellulosic biofuel production, set to expire at the end of 2012, was extended for three years, and expanded to include fuels from other crops and algae.

DO YOU OR DO YOU NOT KNOW WHAT 12+3 IS? YES OR FRIGGING NO?

DO YOU OR DO YOU NOT UNDERSTAND THAT PAYING THEM HUNDREDS OF MILLIONS IN GRANT MONEY TO BUILD ETHANOL PLANTS IS AN EFFING SUBSIDY?

Were you born this stupid or did it take a liberal education to get you there?

As I said, cellulosic ethanol production is zero, so there is no tax cut on cellulosic ethanol.

Corn Ethanol Supports in the Federal Tax Code
Some subsidies for corn ethanol are still scattered throughout the federal tax code. Two of the most prominent are listed in the table below. Ten-year cost estimates are derived from the Joint Committee on Taxation.

Table 2: Corn Ethanol Supports in Federal Tax Code
Tax Credit Name	Description	Total Ten-Year Cost (FY13-22)
Volumetric Biodiesel Excise Tax Credit and Renewable Biodiesel Tax Credit	The biodiesel production tax credit of $1 per gallon supports eligible feedstocks such as “virgin oils, esters derived from corn, soybeans, sunflower seeds, cottonseeds, canola, crambe, rapeseeds, safflowers, flaxseeds, rice bran, mustard seeds, and camelina, and from animal fats.”	$16.2 billion
Alternative Fuel Vehicle Refueling Property Credit	Facilities dispensing certain alternative fuels can receive a refueling property credit in the form of a 30% tax break. Eligible facilities include gasoline stations, those installing biodiesel or 85% ethanol (E85) blender pumps, or repowering sites for electric vehicles. Stations dispensing natural gas, liquefied natural gas (LNG), and liquefied petroleum gas (LPG) are also eligible.	$220 million

[THEAD] [/THEAD]
[TBODY] [/TBODY]

Deficit hawks, environmentalists, and food processors are celebrating the expiration of the ethanol tax credit. This corporate handout gave $0.45 to ethanol producers for every gallon they produced and cost taxpayers $6 billion in 2011. So why did the powerful corn ethanol lobby let it expire without an apparent fight? The answer lies in legislation known as the Renewable Fuel Standard (RFS), which creates government-guaranteed demand that keeps corn prices high and generates massive farm profits. Removing the tax credit but keeping the RFS is like scraping a little frosting from the ethanol-boondoggle cake.

The RFS mandates that at least 37 percent of the 2011-12 corn crop be converted to ethanol and blended with the gasoline that powers our cars…[As a result] the current price of corn on the Chicago Mercantile Exchange is about $6.50 per bushel—almost triple the pre-mandate level.

Yes some of the subsidies went away and were replaced with mandates that force the price per bushel up. And they are still granting money for building ethanol plants.

Again this is all either expired Bush era ethanol or tax breaks made available but never claimed. Biodiesel & electric charging stations ain't ethanol.

I see so 85% ethanol (E85) blender pumps are not 85% ethanol (E85) blender pumps; ethanol mandates are not ethanol mandates; and federal and state grants of taxpayer funds to ethanol plant construction is not a grant to ethanol plant construction. This because you say it's not.

You are still harping on Bush era ethanol.
Ethanol plants are not getting grants from Obama.

OBAMA IS THE CURRENT PRESIDENT NIMROD. OBAMA HAS BEEN PRESIDENT FOR 6 YEARS AND HAS DONE DIDDLY SQUAT. THIS IS NOT BUSH'S TERM THIS IS NOT EVEN OBAMA'S FIRST TERM DUMB ASS.

 

[nodoginnafight]

Ever notice how some of the dumb asses on these boards think repeating something stupid over and over again somehow makes it smarter?

 

[RKMBrown]

It's actually below $2.90 a gallon in SW Houston.

Obama's Fault.

Candycorn,
My brother pointed out to me why gas prices are probably low. Because elections are coming up.

Prices have trended down because we are mandating the trade of corn for fuel and because production is up and supply is flat.

 

[Synthaholic]

I resist the conditioning of thinking under-$3.00 gasoline is 'cheap'. It's not.

As long as Congress keeps protecting Wall Street speculation on oil, the price will continue to be 40-80 cents more expensive than it should be, while making Goldman-Sachs even richer.

And 'conservatives' see nothing wrong with this, and exert no ideological pressure on the Republican Party.

 

[candycorn]

I hate corn...I love gasoline. Sounds good. THANKS POTUS.

 

[Dan Daly]

It's actually below $2.90 a gallon in SW Houston.

Obama's Fault.

Yes, it is. The Saudis whispered in his ear that he could bring the Russians to their knees by glutting the market with oil and driving down the price. Indeed, the Russians and every other producer who depend on $85+ per barrel pricing for their oil production to be profitable are struggling, while the Saudis and others with lower thresholds can ride it out. Unfortunately most of the US oil producers require the higher threshold to be profitable.

So tell me, what do you think the US oil producers (and the others above the threshold) will do when X percent of their production becomes unprofitable and how will those actions ultimately impact oil prices?

You betcha...cut production to drive the price back up. The Saudis thank you, Mr. President.

 

[candycorn]

Retail gasoline is a tiny % of a major petrol company's bottom line. No or little effect.

 

[Uncensored2008]

You are a total retard!

Regulators pushed oil producers into "Eco-Pad" drilling. Regulators removed setback boundaries & other regulations for "Eco-Pad" drillers to reduce ecosystem damage. 75% fewer drill pads & limitless boundary drilling reduced oil production cost $15 a barrel.

No fucktard, that is not correct. "Regulators" had nothing to do with it.

{
ECO-Pad® is a drilling technique whereby Continental drills four wells from a single drilling pad. The approach allows us to develop two separate formations on two separate spacing units simultaneously, increasing production efficiency. It also allows us to harvest more of a reservoir’s resources while reducing environmental impact on the surface of the land.

While other companies are using a single-pad technique for extracting natural gas, we are using the technology to drill for oil. We completed our first ECO-Pad project in 2010 in Dunn County, North Dakota from the Three Forks and Middle Bakken formations of the North Dakota Bakken.}
ECO-Pad Continental Resources

Moron, you thought because it has the word "eco" that your beloved state central planners made it.

 

[Uncensored2008]

Fracking is the reason we are producing more today BamaBot.

Yep.

The looters seek to take credit for success that they did everything in their power to stop.

Obama: "I used laws, I broke laws, I used agencies to harass and intimidate; but I couldn't stop you from using fracking and multi-pad drilling to give us more oil than any time in history. I couldn't make you fail, so I claim your success as my own."

 

[KissMy]

You are a total retard!

Regulators pushed oil producers into "Eco-Pad" drilling. Regulators removed setback boundaries & other regulations for "Eco-Pad" drillers to reduce ecosystem damage. 75% fewer drill pads & limitless boundary drilling reduced oil production cost $15 a barrel.

No fucktard, that is not correct. "Regulators" had nothing to do with it.

{
ECO-Pad® is a drilling technique whereby Continental drills four wells from a single drilling pad. The approach allows us to develop two separate formations on two separate spacing units simultaneously, increasing production efficiency. It also allows us to harvest more of a reservoir’s resources while reducing environmental impact on the surface of the land.

While other companies are using a single-pad technique for extracting natural gas, we are using the technology to drill for oil. We completed our first ECO-Pad project in 2010 in Dunn County, North Dakota from the Three Forks and Middle Bakken formations of the North Dakota Bakken.}
ECO-Pad Continental Resources

Moron, you thought because it has the word "eco" that your beloved state central planners made it.

You are so fucking stupid. Just because you goggled Eco-Pad & read Continental Resources propaganda that stunned you when you discovered Obama did not trademark the slogan word "Eco-Pad" you think you know something!

Multi-Pads were not used & not as economically viable in North Dakota until regulators changed the rules for them on August 6, 2009 you stupid fucking retard. North Dakota oil fracking exploded after the 2009 rule changed to zero boundary-line setbacks on multi-pad drilling. Then in 2010 Continental Resources made it's first "Eco-Pad".

See how retarded you are?