Claiming to be an effort to reign in federal subsidies, Senator Coburn (R-OK) and his fellow anti-ethanol legislators snuck in an amendment to end investment in America’s ethanol industry. A closer look at the motives of Sen. Coburn and his Senate allies reveal they are covered in oil.
Over the last years, Sen. Coburn and his colleagues have received more $4 million in political contributions from the oil and gas industry. Although large contributions from oil companies are no secret, this amendment does show that there is more behind the amendment than simply cutting federal subsidies. As Matt Hartwig from the Renewable Fuels Associates suggests:
“This effort has more to do with oil-patch politics than it does national energy security and responsible fiscal policy. If this were a true effort to reign in federal energy subsidies, than the tens of billions of dollars given to mature energy industries like petroleum would be included in this amendment.”
This amendment is a ploy to keep Americans at the mercy of foreign oil and rising prices while a select few reap the political and monetary benefits. Killing ethanol investment would also mean snuffing innovation and stifling growth that can bring prosperity to many Americans.
To read more about Sen. Coburn’s amendment, click here.Permalink + Share This