Washington Report

Congress should revise the Renewable Fuels Standard (RFS) to ensure that food producers are not starved for corn by the increasing demand from the ethanol industry, the National Chicken Council told a congressional committee yesterday.

The ethanol industry would hang onto $232 million in federal subsidies over three years under a compromise agreement to abolish the Volumetric Ethanol Excise Tax Credit (VEETC), the blender’s credit that has been costing the federal treasury billions of dollar a year, as well as a protective tariff on imported ethanol.