Biodiesel has had a tough time of it lately. By the end of 2009 the economy was in the crapper, exports to Europe had withered under heavy tariffs and the price of gasoline and petroleum diesel fuel had dropped substantially from their peak the year before. The finishing move came in December when the $1.00 per gallon tax credit for biodiesel producers expired. FATALITY!
But things are looking up. Both the House and Senate have approved legislation to reinstate the credit as part of larger economic recovery bills, but the language in the two bills has to be reconciled before President Obama can sign the credit back into law. The tax credit is one provision in a $149 billion bill designed to create jobs and extend tax incentives.
A resolution between the House and Senate is unlikely before mid-April as Congress goes on Spring Break soon and won't be back from Daytona Beach until April 12th. For all you biodiesel users, take a cue from Steve Perry and don't stop believin.'