Biofuel Export Subsidy Scam April 1, 2008
Posted by tkcollier in Economy & Business, Enviroment.trackback
Demands for crackdown on biofuels scam | Environment | The Guardian
Up to 10% of biofuel exports from the US to Europe are believed to be part of the rogue scheme reaping big profits for agricultural trading firms.
The “splash and dash” scam involves shipping biodiesel from Europe to the US where a dash of fuel is added, allowing traders to claim 11p a litre of US subsidy for the entire cargo. It is then shipped back and sold below domestic prices, undercutting Europe’s biofuel industry.
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