This is a loophole that is being exploited costing us hundreds of millions a year:
CHICAGO — A lawmaker says U.S. taxpayers are being bilked to the tune of millions of dollars by a biofuel subsidy that helps to lower gas prices
in Europe, and he's leading the charge to close the apparent loophole.
“In 2007 this subsidy cost the American taxpayer $300 million, and it’s projected to cost the American taxpayers $600 million next year,” said
Rep. John Shadegg, R-Ariz.
The scam — as Shadegg and others call it — is known as “splash and dash.” It stems from an existing $1 subsidy for every gallon of biodiesel
fuel blended with regular diesel in the United States.
Here’s how it works:
Read the rest of the article for details on how it works.
