"Splash and Dash" Biofuel Scam Costs Americans Millions, Lawmakers Say

When the Clinton administration mandated that every gallon of gasoline would contain 10% deathanol, the oil industry (refiners, distributors, retailers) said the by doing so, the costs of a gallon of gasoline would increase by 65 cents.

Bowing to the “greens” will eventually starve millions to death, thus my name for mandated dependence on ethanol: DEATHANOL.

“Splash and Dash” Biofuel Scam Costs Americans Millions, Lawmakers Say

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:

Biodiesel is produced abroad using South American sugar cane or Asian palm oil and shipped to the United States, where it’s blended with just a “splash” of regular diesel.

A typical tanker-load of about 9 million gallons of biodiesel requires just 9,000 gallons of American diesel to make it qualify for the subsidy. But every gallon in the shipment garners a buck. The ship then makes a “dash” for Europe, where its fuel is sold below market rates.

That means each tanker-load that makes the dash nets importers about $9 million dollars in tax credits from the IRS. Lawmakers have estimated its cost to Americans at tens — or even hundreds — of millions each year.

(Excerpt) Read more at foxnews.com …