Maine biofuel producer benefits from tax credit

January 13, 2013, 8:43 am


PORTLAND, Maine (AP) — A small Maine company that turns recycled cooking oil from northern New England into diesel fuel stands to benefit from Congress' deal to avoid the so-called fiscal cliff.

Portland-based Maine Standard Biofuels collects cooking oil from 500 restaurants across the region and transforms it into diesel fuel that it touts as a cheaper, cleaner fuel for diesel vehicles and home heating.

The company says fiscal cliff deal restored a $1 per gallon tax credit on biofuels that had previously expired.

Company officials tell WMTW-TV (http://bit.ly/Wv9WMS) that the credit should help the business grow and become more competitive with commodity brokers who buy cooking oil to resell on the commodities market.

Maine Standard is the state's only biodiesel producer. Its trucks collect about 2,000 gallons of used cooking oil each day.

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Information from: WMTW-TV,

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