Biofuel Plants Brace for Potential Shutdowns
As fuel prices begin to drop nationwide
As fuel prices begin to drop nationwide, ethanol and biodiesel plants are making hard decisions as to whether to shut down or idle production, reports AgriPulse.
The Renewable Fuels Association and several other organizations are asking Congress and the White House in a letter to provide credit to pay workers, suspend business taxes, and amend the tax code to restore the ability of businesses to carryback any net operating losses against previous year tax payments.
“Motor fuel demand is plummeting, and most analysts today are expecting a 20 to 25 percent drop in the near term,” Renewable Fuels Association President Geoff Cooper said in conference call.