Mark Palmer, Gordley Associates, 600 Pennsylvania Avenue SE, Suite 320, Washington, DC 20003
With soaring petroleum prices America needs to become less dependent of foreign oil. Part of the solution: domestically produced renewable fuels – BIODIESEL. Biodiesel is here to stay and its rapidly expanding use and production clearly indicate that. To underscore that, Congress passed the first ever blender’s tax incentive for biodiesel in October 2004, and extending the program for two years last summer in comprehensive energy legislation. Along with the tax incentive, that seminal legislation included a small agri-biodiesel producer’s credit, an infrastructure incentive for higher blends beyond B20, and a first ever renewable fuels standard (RFS). These programs, coupled with soaring prices have built a foundation for a booming industry. With this as a backdrop, Mark Palmer of Gordley Associates will talk about where biodiesel has been, where biodiesel is now these key programs, and where it will go in the future. And as far as we can see the sky is the limit, and that is a boon for canola farmers. Sure, there are obstacles with fuel quality, feedstocks, international trade issues (imports/exports, and the like), but with our futures staring us in the face; record high prices at the pump; constant instability in the middle east – we need to start looking to our own fields and not foreign oil fields for our energy security.