Biofuels
A news release issued yesterday by the Renewable Fuels Association (RFA) stated that, “[RFA] today praised the bipartisan Renewable Fuels Reinvestment Act (RFRA) introduced by Representatives Earl Pomeroy (D-ND) and John Shimkus (R-IL). The bill, HR 4940, would extend the $0.45 Volumetric Ethanol Excise Tax Credit (VEETC), commonly called the blenders’ credit, and the secondary tariff on imported ethanol until December 31, 2015. It would also extend the Small Producers Tax Credit and the Cellulosic Ethanol Production Tax Credit to January 1, 2016.
“‘Allowing the tax incentives for ethanol to expire is simply not an option,’ said Renewable Fuels Association President Bob Dinneen. ‘Failure to extend these incentives would force 112,000 Americans out of their jobs and shutter nearly 2 out of every 5 ethanol plants operating today. Long term extensions of these important incentives are good policy that encourages investment in current and next generation ethanol technologies.’”
Yesterday, Chuck Zimmerman interviewed Bob Dinneen, who participated in a press conference where the bill was introduced. To listen to this brief interview, just click here.
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Climate Issues
Juliet Eilperin and Michael D. Shear reported in yesterday’s Washington Post that, “The White House announced Wednesday that President Obama will attend U.N.-sponsored climate talks in Copenhagen next month and commit the United States to specific targets for reducing greenhouse gas emissions.
“The administration’s decision to identify a series of goals, including cutting emissions over the next decade ‘in the range of’ 17 percent below 2005 levels, is a calculated risk, given that Congress has never set mandatory limits on greenhouse gases.”
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Editor’s Note: Happy Thanksgiving, FarmPolicy will return on Friday.
ERS 2009 Farm Sector Income Forecast
The U.S. Department of Agriculture’s Economic Research Service (ERS) updated its 2009 farm sector income forecast yesterday.
ERS stated that, “Net farm income is forecast to be $57 billion in 2009, down $30 billion (34.5 percent) from 2008. The 2009 forecast is $6.5 billion below the average of $63.6 billion in net farm income earned in the previous 10 years. Still, the $57 billion forecast for 2009 remains the eighth largest amount of income earned in U.S. farming. The top five earnings years have been tightly grouped between 2003 and 2008, attesting to the profitability of farming this decade” [see related graph-net farm income 1998-2009f].
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Climate Legislation- General Background
An update posted yesterday at C-SPAN explained that, “The Senate Environment Cmte. continues its mark up on climate change & energy legislation. Ranking Member Sen. Inhofe (R-OK) delivered prepared remarks and a letter suggesting how to proceed with the bill. GOP Cmte. Members have boycotted the mark up.”
(Side Note: To listen to a brief portion of some of the discussion that took place at the beginning of yesterday’s Senate Committee meeting, click on this FarmPolicy.com audio file (MP3-5:41). The audio clip includes comments from Sen. Inhofe, an extended question and comment from Sen. Sheldon Whitehouse (D-RI) regarding the EPA’s analysis of the Kerry-Boxer bill, and a brief remark from the Committee’s Chairwoman, Sen. Barbara Boxer (D-Calif.).
An update posted today at C-SPAN indicated that, “The Senate Environment Committee continues its third day of work on climate change and energy legislation despite a refusal by Senate Republicans to attend meetings earlier this week.”
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Climate Legislation- More Details Released, Hearings This Week
Ian Talley reported in today’s Wall Street Journal that, “The Senate debate over climate legislation is set to begin in earnest this week, with a key panel holding hearings on legislation that would curb U.S. greenhouse-gas emissions.
“The hearings by the Senate Committee on Environment and Public Works mark the first phase in what is likely to be a months-long undertaking by Senate Democrats to try to pass a climate bill.
“After months of delays, Democratic Sens. Barbara Boxer and John Kerry on Friday unveiled a more-detailed version of their climate legislation. The version of the bill, which would seek to cut greenhouse-gas emissions by 20% below 2005 levels by 2020, includes new provisions intended to hold down costs to consumers and certain industries.”
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