Colorado Business Owner Convicted in $7 Million Biodiesel Tax Credit Fraud Scheme

[basquebromance]

Colorado Business Owner Convicted in $7 Million Biodiesel Tax Credit Fraud Scheme

The biodiesel industry is an invaluable economic engine creating jobs, raising wages, increasing tax revenues, & offering new investment opportunities.

good job by Bill Barr in catching the crooks!

 

[Andylusion]

Colorado Business Owner Convicted in $7 Million Biodiesel Tax Credit Fraud Scheme

The biodiesel industry is an invaluable economic engine creating jobs, raising wages, increasing tax revenues, & offering new investment opportunities.

good job by Bill Barr in catching the crooks!

While I'm all for the prevention of people engaging in fraud... I highly doubt biodiesel is an 'invaluable economic engine'.

Where do you support such an idea?

Because I'm not seeing it. These biodiesel plants barely have a skeleton crew of 20 people tops. It's not like the massive oil refineries that hire hundreds of people.

Rising wages? You think making biodiesel causes wages to rise? Based on what?

Increased tax revenues? Did you read your own link? There are tons of tax credits for biodiesel that regular oil does not get. Logically, the government is LOSING tax revenue on every gallon of biodiesel sold, as compared to regular diesel.

New investment opportunities? I was under the impression that you hated the rich getting richer. Moreover, I was also under the impression that you hated the rich getting richer, supposedly by using government.

Well this, is that.

Now from what I've seen, it looks as though biodiesel is only profitable, when government props it up.
This makes sense, because the amount of energy in bio-diesel, is barely more than the amount of energy used to produce the biodiesel.

Further, you seem to be pretty oblivious to exactly what biodiesel entails. One full acre of soybeans, will produce just about 52 bushels of soybeans. 1 Bushel of soybeans, will produce barely 1.5 Gallons of diesel. That means for an entire acre of soybeans, you'll get just 78 gallons of fuel.

To put that in perspective, one truck traveling across Pennsylvania, will burn that much fuel.

And then we come to the real problem, and that is biodiesel has less physical energy than regular diesel. Meaning that the truck will burn MORE biodiesel, than regular diesel, to go the same distance.

So biodiesel goes a shorter distance, for a higher cost, and uses an entire acre of land that could produce food instead.

Now if you are smart, you are asking... how can a fuel that cost more to produce, and yet produces less energy in the process... still be in business?

Answer... government. Your very article makes this clear. The government is supporting the industry with tax money.

Take away all the government controls and subsidies, and biodiesel will cease to exist. And we'll have more food.

It's always funny how you people on the left-wing constantly decry government handouts to the rich, and corporate welfare... but turn right around and support it.