Comment: I think you mean the 2007 Energy Independence and Security Act

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I think you mean the 2007 Energy Independence and Security Act

This article explains how ethanol and biodiesel blenders were able to import South American feedstocks and cash in on credits intended for American farmers:

The biofuels fisaco

http://www.weeklystandard.com/articles/biofuels-fiasco_59844...

Biodiesel is one such advanced biofuel. It is mostly made from soybean oil. The federal mandate for biodiesel use provides for one billion gallons by 2012. That is more than one-third of the country’s total soybean oil supply. While blenders of corn ethanol enjoy a 45 cents per gallon tax credit, biodiesel receives a $1 per gallon tax credit. At wholesale prices above $5.50 in mid-October, even the dollar reduction provided by the tax credit still leaves biodiesel far more expensive than the $3.80 per gallon retail price of petroleum diesel.

For a time, the $1 tax credit provided a huge incentive to import soy oil from South America, blend it with a small amount of petroleum diesel to claim the U.S. tax credit​—​the blending often occurred while the tanker ship was still in port​—​and then re-export the blended fuel to Europe to further capture EU subsidies. That little scheme was known as “splash and dash,” and it was a $300 million subsidy to promote domestic biofuel use that did not in fact subsidize biodiesel use in the United States.

read much more: http://www.weeklystandard.com/articles/biofuels-fiasco_59844...

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