By Peter Cohn
Ethanol Credits Have a Major Beneficiary in Big Oil Firms
BP could stand to reap federal tax credits approaching $600 million this year for blending gasoline with corn-based ethanol, making the British oil and gas giant one of the largest beneficiaries of the 45 cents-per-gallon ethanol incentive.
The credit expires Dec. 31, and the House Ways and Means Committee is preparing as early as next month to debate a “green jobs” bill eyed as a vehicle for an extension. Environmentalists are seizing on the generally low esteem the public holds for BP at the moment, with the future of the roughly $5 billion-a-year ethanol credit in the balance.
Posted in BP oil Gulf, Economy Economics, Energy, Environment, Food & Farming, Genetic Engineering, Land Grab
Tagged Big Oil subsidies, biofuels, bp biofuel, ethanol, genetically engineered biofuel
By Rady Ananda
Governments around the world have proposed biofuels, liquid fuels derived from plants, fungi or algae, as a solution to today’s energy and environmental crises. But this alternative is as bad as, or worse than, fossil fuels.
Reasons to reject biofuels include:
- Loss of farmland for fuel land, increasing food prices and world hunger;
- Deforestation and conversion of prairie to cropland, causing a net increase in greenhouse gases;
- Increased reliance on eco-destructive pesticides; and
- Proliferation of dangerous genetically modified crops.
Posted in Bioweaponry, Energy, Genetic Engineering
Tagged ActionAid, biofuels, biotechnology, deforestation, genetically engineered crops, genetically modified crops, GM biofuels, land for food, Land Grab, land use rights, rady ananda