The Counter published an article stating that cooking oil prices have nearly tripled since 2020, heating up the conversation around how we use our finite supply of soy and corn.
Senior research fellow Joseph Glauber said that government incentives like the dollar-per-gallon federal tax credit enjoyed by biodiesel producers and importers means that consumers end up paying twice.
“We’re essentially paying taxpayer dollars to a product that is raising the prices of vegetable oil for consumers,” Glauber said. “From a policy standpoint, if the concern is about food inflation, I think the administration should think very, very much about suspending the Renewable Fuel Standard.”