Press Releases

POET: Senate Energy Bill missed an opportunity to do something about foreign oil addiction



Tuesday, July 27, 2010


SIOUX FALLS, S.D. – Today, Senate Majority Leader Harry Reid introduced an Energy Bill with the stated goal of lessening U.S. addiction to oil. POET CEO Jeff Broin made the following comments:

By omitting Growth Energy’s Fueling Freedom Plan from the Energy Bill, Senate leadership missed an opportunity to significantly lessen America’s dependence on foreign oil. Instead of spending taxpayer money on unproven technologies, policy-makers should invest in the infrastructure that would allow for the expansion of the only renewable energy source that is displacing significant volumes of foreign oil today: ethanol.

An energy bill that addressed America’s oil addiction would adopt Growth Energy’s plan to redirect and phase out the ethanol tax credit and use those funds to install blender pumps and put millions of Flex Fuel Vehicles (FFVs) on the road over the next five years. This would create a level playing field for transportation fuels, allowing ethanol to continue creating jobs and decreasing our country’s dependence on foreign oil without continuing to rely on government support.

By neglecting to build out the infrastructure for American ethanol, this energy bill represents an opportunity missed to make a significant dent in America’s oil imports.

About POET
POET, the largest ethanol producer in the world, is a leader in biorefining through its efficient, vertically integrated approach to production. The 22-year-old company produces more than 1.6 billion gallons of ethanol annually from 26 production facilities nationwide. POET recently started up a pilot-scale cellulosic ethanol plant, which uses corn cobs as feedstock, and will commercialize the process in Emmetsburg, Iowa. For more information, visit http://www.poet.com.

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