House Committee Holds Hearing on Energy Tax Credits

House Committee Holds Hearing on Energy Tax Credits

Renewable fuels were the main focus of hearing.

The House Ways and Means Committee held a hearing Wednesday that focused on the importance of renewable energy tax credits to the continued evolution of the renewable fuels industry. In particular, committee members heard about the importance of growing our domestic renewable fuels industry through continued sound tax policy.

Assistant Secretary of Treasury Michael Mundaca reiterated the Obama administration's support for continuing tax incentives for the use and production of ethanol from all feedstocks.  Even oil man T. Boone Pickens stated his support for ethanol.  

The Renewable Fuels Association was quick to point out one misstatement concerning ethanol production.  Representative Earl Blumenauer, D-Ore., misstated the water requirements for ethanol production.  According to the RFA, it takes approximately three gallons of water to make a gallon of ethanol and that number continues to fall.

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