Fuel Retailers: “Price that consumers pay at the pump should serve as regulatory North Star of Biofuel Policy”
ALEXANDRIA, VA — NATSO, representing truck stops and travel centers, SIGMA: America’s Leading Fuel Marketers, and the National Association of Convenience Stores (NACS), filed public comments with the Department of Treasury and the Internal Revenue Service on the proposed rule for the “Section 45Z” Clean Fuel Production Credit. The following statement can be attributed to NATSO, SIGMA and NACS.
“The real-world implications on American energy supplies and the price that consumers pay at the pump should serve as the regulatory North Star of biofuel policy. Gasoline prices are one of the most visible, tangible ways consumers experience inflation in the U.S. economy. Higher diesel costs also raise the price of food, medicine and everyday household goods transported by truck as motor carriers experience higher operating costs.
“The ‘45Z’ Credit is not alleviating these affordability challenges for American consumers and businesses. It has not helped American consumers by lowering fuel prices and it has not helped American farmers by increasing sales of corn or soybeans used to produce renewable fuels. The truth is, ‘45Z’ has failed to help American farmers and American consumers of fuel. Treasury can begin to address these failures by finalizing rules that require transparent disclosure of credit values throughout the fuel supply chain, enabling the economic benefit of the ‘45Z’ Credit to flow to consumers at the pump rather than disappearing in the margins of fuel producers.
“Congress has a distinct opportunity to rectify the volatility and chaos within the biofuel markets and provide relief for Americans by quickly reinstating the Biodiesel Blenders’ Tax Credit. The Biodiesel Tax Credit is a proven approach that can bolster soybean demand and help stabilize retail diesel prices. This would actually benefit American farmers and consumers.”
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