Did you know that the U.S. Environmental Protection Agency (EPA) has the authority to levy taxes? If you're scratching your head over this tidbit of information, you're not alone.
Here's the issue: A couple of weeks ago, the EPA determined that the amount of cellulosic ethanol that should be included in the nation's gasoline pool should be increased from five million to six million gallons in 2011. The goal is to ensure there is a market for this new fuel that is supposed to be made from switchgrass, wood chips, or other forms of cellulose-rich materials.
The problem is that there is virtually no cellulosic ethanol on the market today. The technology hasn't developed to the point where large quantities of this fuel can be produced.
Still, the oil and natural gas industry is expected to com... more »