On the recordJune 14, 2011
I am speaking on this amendment. I oppose the amendment. I urge my colleagues to do the same. There is going to be a change with biofuels in this country. We are going to see a phasing out of the support for biofuels in terms of Federal policy. But the time to do it is not in the middle of the year after 7 years of Federal support with 5 days' notice. Senator Thune and I have an alternative bill that actually takes the rest of the year, the last 6 months of this year, the funding, and puts $1 billion into deficit reduction, and then allows the industry to keep its footing so it can actually compete with oil. I would remind my colleagues that this is now 10 percent of our fuel supply. There have been studies done that show the price of gasoline would escalate up to $1 more a gallon if the rug were suddenly pulled out from under this industry. It is the only competition with oil. So while this industry, unlike the oil industry, has acknowledged that there is change ahead and that they are willing to be part of this change and actually put money on the table, the time to do it is not now on an unrelated bill with no discussion of a comprehensive energy plan for this country. I know Senator Thune would like to talk about his opposition to this amendment. The PRESIDING OFFICER. The Senator from South Dakota.
