Biofuels: Agricultural economist makes case for EPA waiver request, decrease of import tariff

With U.S. EPA set to make a decision on a request to waive this year's renewable fuels standard on July 24, members of Congress and interest groups are all weighing in on the future of the RFS. During today's OnPoint, Tom Elam, an agricultural economist with FarmEcon LLC, discusses the impact of last month's Corn Belt flooding on the ability of corn growers to meet short-term food and fuel demands. Elam gives his take on how lawmakers should be addressing the ethanol import tariff and suggests a combination of a scaled-back tariff and rolled-back RFS in order to help bring corn prices down. Elam also discusses how food and fuel issues will play into the 2008 presidential election.