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Biofuels Development Could Cost BillionsBiofuels Development Could Cost Billions
Extensive biofuels development could cost taxpayers billions over the next 15 years, the Washington Post reported Friday.
While President Bush and members of Congress push for more energy independence and environmental benefits of biofuels, little has been said about the incentives and subsidies needed, which could run to more than $140 billion over that time, the Post said.
The biggest single expense would be extension of the 51-cent per gallon ethanol tax credit, scheduled to expire in 2010, the Post reported.
That would cost federal coffers an extra $131 billion through 2022 under a mandate recently approved by a Senate committee, the Post said.
In his State of the Union address in January, Bush proposed mandating the use of 35 billion gallons of renewable and alternative motor fuels by 2017.
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