June 24, 2011

Podcast: Big oil profits sends money overseas, while ethanol keeps everything local

In this podcast, Dennis Gengenbach, a farmer from Smithfield and member of the Nebraska Corn Board, talks about how high oil prices impact everything we buy.

High-energy costs increase the cost of producing things, he said, whether that be widgets or breakfast cereal.

"In the end, we see the impact of higher energy costs in every transaction in every store, including the grocery store, because oil prices impact every step of the process," he said. "It takes dollars away from families and slows our economic recovery."

He notes that global oil companies are seeing massive profits yet the industry continues to keep tax breaks, tax credits and other subsidies, some of which have been in place for a nearly century.

Gengenbach then compares that to ethanol, which he notes "keeps everything local."

He also points out that few companies are willing to make multi-million dollar investments in towns of a couple hundred people or less. "Those investments came to rural Nebraska because of ethanol. Without it we wouldn’t have those jobs or tax revenues," he said.

Nebraska Corn Kernel podcasts are also available on iTunes! Click here to subscribe.

No comments:

Post a Comment