US Fuel Groups Warn of Higher Prices Without Credit Guidance
- More than 30 trade groups pen letter to congressional leaders
- Advocates want ‘orderly transition’ before new policy comes in
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Three dozen trade groups across the energy, farming and transport sectors say a lack of US government guidance on tax credits is putting Americans at risk of higher fuel prices.
The current US Congress, whose session expires in early January, should do a short-term extension of various energy-related credits set to expire next month, including a $1 a gallon biodiesel tax incentive that’s been in place since 2005, the groups said in a letter to lawmakers. Such a so-called bridge measure is needed to ensure market stability as companies including airlines wait for details on how new credits set to take effect next year will work.