Worse, I should add, though, is that the conferees specifically left out any renewable energy tax credits. While there remains the rest of the year to restore something, these incentives will expire at the end of the year, placing wind and solar farms in financial jeopardy, for these projects need to pass through time consuming approvals, being of high relative risk anyway.
Also, too, the ethanol credits were abandoned on the first of this year, where a sum of $20 billion of your tax money was previously spent. Today, no more 45-cent a gallon tax credit for gasoline blenders, 54-cent a gallon tariff on imports, $1.01 a gallon credit to cellulosic ethanol producers, and 10-cent a gallon small-producer tax credit for ethanol. Frankly, this is about time--I've from day one been anti-ethanol, especially from corn--but I remain perplexed about how quickly this happened. Is this a sign of what might happen to wind and solar investments?
The Dow Jones Industrials touched 13,000 for the first time in 45 months, then declined to only +16, ending at 12,966. World markets were mixed. Gold jumped $29/toz to $1755, while the WTI Cushing is at $106/barrel and Brent Spot at $122/barrel.