and you can sell credits for making biofuel and they can be separated. marketplace, and they try to keep track, but it is not always easy. there has been more than one guy, but we focus mostly on one who has been trading rins without actually making the biofuel, which is really bizarre. and he made tons of money. carol: a lot of great pieces to that story. this book to reporter brian grilli about it. brian: phil ripken, he got into the green fuels business years ago. he built a factory that was to produce biodiesel fuel. and that would be purchased by diesel producers who needed to blend biofuel, fuel made from waste and poultry fat and such like that into their diesel because the government requires it. and he built this factory, and he produced a little bit of low quality biodiesel, and he finally gave up. but he still made a lot of money because the government program that requires us to blend lots of biodiesel into diesel allowed him to do it, in effect, under wraps. david: he was able to do this with something called rin's? what are these and how wa

can sell credits for making biofuel and they can be separated.urky marketplace and they tried to keep track but it is not always easy. there has been more than one guy but we focus mostly on one who ins withoutading r making the biofuel, which is bizarre. carol: a lot of great pieces to that story. we spoke to brian grilli about it. business got into the years ago and built a factory that was to produce biodiesel fuel. that would be purchased by diesel producers who needed to biofuel, fuel made from waste and poultry fat and such dieselat into their because the government requires it. he built this factory and he produced a little bit of low quality biodiesel and he finally gave up. but he still made a lot of money because the government program that requires us to blend lots of biodiesel into diesel allowed him to do it in effect, under wraps. david: he was able to do this ? howsomething called rin's was he able to organize this shell game? the government requires refiners to blend a certain amount of corn-based ethanol and biodiesel fuel into g

love sea vegetables because we can turn it into biofuel. we turn it into fertilizer. we turn it into animal feed. i mean, as animal feeds fast and if you feed cows majority kelp diet, there's a 90% reduction in methane output. may: oh, my gosh. wow. bren: and fish feed and animal feed are really unsustainable. it's all corn and soy or wild fish. may: right. bren: so, here we have plant serum, pellets, and we're feeding it to our protein, but we can do ocean-based biofuel and just not run into any of those problems. we also use it in pharmaceuticals, cosmetics, so, they're at every point of the value chain or leftover pieces of kelp. it can go somewhere. we actually have farms just in polluted areas and all they do is soak up heavy metals, nitrogen. like in the bronx river here, it's--and then that goes into biofuel, so, we're actually, it's just remediation, stays out of the food system, but we can clean up our harbors with it. so, it's the--it's the--it's the versatility and all these possible avenues of income, which i think reduces risk but it--and really makes it

love sea vegetables because we can turn it into biofuel. we turn it into fertilizer. turn it into animal feed. i mean, as animal feeds fast and if you feed cows majority kelp diet, there's a 90% reduction in methane output. may: oh, my gosh. wow. bren: and fish feed and animal feed are really unsustainable. it's all corn and soy or wild fish. may: right. bren: so, here we have plant serum, pellets, and we're feeding it to our protein, but we can do ocean-based biofuel and just not run into any of those problems. we also use it in pharmaceuticals, cosmetics, so, they're at every point of the value chain or leftover pieces of kelp. it can go somewhere. we actually have farms just in polluted areas and all they do is soak up heavy metals, nitrogen. like in the bronx river here, it's--and then that goes into biofuel, so, we're actually, it's just remediation, stays out of the food system, but we can clean up our harbors with it. so, it's the--it's the--it's the versatility and all these possible avenues of income, which i think reduces risk but it--and really makes it a p

president obama: we can break our dependence on oil with biofuels and become the first country to havene million electric vehicles on the road by 2015. but success hinged on spending lots of your tax money -- $7.5 billion over 10 years. some went to sweeten the deal for consumers buying electric cars like the volkswagen for a test drive in boston. if i wanted to buy this vehicle, what kind of benefits could i get? >> there's a $7,500 federal tax incentive and also, the state of massachusetts has a $25 million -- $25,000 tax incentive. sharyl: i could essentially get the cost of the car. the president hoped to get over one million vehicles on the road by the end of this year. why were they so confident this could be done? >> i think that they hoped that the very, very large incentives would start a movement, but it did not happen. if you have a car that only gets 80 miles on a charge and takes many hours to charge that car, it ends up costing more than a regular car -- those get to one million electric cars, the white house relied on sales of new models. projections turned out to be wil

and understanding the relationship between food, agricultural, and biofuels. i hope to be able to read to have the benefit of your thinking, grateful for another great governor from iowa, a leader on these issues, so i what has been very generous to our country and all these respects. i know you talked about opioids, and i just want to say this. i think all of you for your leadership on this subject, but just to put what happened in perspective. this is a good bill, bipartisan. it has good policy in it, but we really need the money right now. in fact, we have needed it for a while. we did a budget agreement last year. in fact, when we do our appropriate for the following year, there are priorities that are established, a cap place there, but at that time we did not realize we would need $1.1 billion for opioids, $1.9 billion for zika, or hundreds of millions of dollars for flint. in the course of time, emergencies occur, and they are emergency spending. it has been over four months, , since theour months president asked for the zika money and a longtime since

for the energy standard and the understanding of the relationship between food, agriculture, and biofuelsi hope to read whatever is allowed for me to read to have the benefit of your thinking and of course grateful for another great governor from iowa who has been a leader on all of these issues, governor, secretary vilsack. iowa has been very generous to our country in all of these respects. i know you talked about opioids. i just want to say this. i thank all of you for your leadership on this subject. but just to put what happened in perspective, this is a good bill. it was bipartisan, as has been mentioned. it has good policy in it. but we really need the money right now. in fact we've needed it for a while. we did the budget agreement last year. when we do our appropriating for the following year, there are priorities that are established, a cap that is placed there. but at that time, we didn't realize we would need $1.1 billion for opioids, $1.9 billion for zika, or hundreds of millions of dollars for flint. in the course of time, when these unusual emergencies occur, they are emerg

humans, but animals, plants, biofuels, anything.ans the birth of several different industries, hundreds of billions of dollars at stake. julie: and what is the crux of the patent war? >> you have a scientist at berkeley that first found a way for the crisper process which always existed and bacteria to be adapted and used for jeans. and it is part of harvard and m.i.t. which was the first to use it in a human cell which he argues is an entirely different process. they collided with one another in an interference case which has been percolating in the courts for a couple years now. they have to take the stand. hundreds of millions if not billions of dollars. you can read about a dim bloomberg businessweek. how it might fundamentally change genetic technology. commodity markets will be closing. ann taylor, the ceo of good all group. this is bloomberg. ♪ bloomberg world headquarters in new york, this is bloomberg markets. i am vonnie quinn. julie: i am julie hyman. commodity markets are closing. let's head to the markets desk. oils are

and understanding the relationship between food, agricultural, and biofuels.at has been -- and i hope to be able to read to have the benefit of your thinking, grateful for another great governor from iowa, a leader on these issues, so i what has been very generous to our country and all these respects. i know you talked about opioids, and i just want to say this. i think all of you for your leadership on this subject, but just to put what happened in perspective. this is a good bill, bipartisan. it has good policy in it, but we really need the money right now. in fact, we have needed it for a while. we did a budget agreement last year. in fact, when we do our appropriate for the following year, there are priorities that are established, a cap place there, but at that time we did not realize we would need $1.1 billion for opioids, $1.9 billion for zika, or hundreds of millions of dollars for flint. in the course of time, emergencies occur, and they are emergency spending. it has been over four months, well over four months, since the president asked for the zik

your understanding relationship with food, at agriculture and biofuel. i hope to read whatever is allowed to read to have the benefit of your thinking. sec. bill vilsack was another great leader in iowa. i know you talked about opioids and i want to say this, i think all of you for your leadership on this subject. just to put what happened into perspective, this is a good bill. it was bipartisan, it has good policy in it. we really need the money right now. in fact we've needed it for a while. we did the budget agreement last year when we do our appropriating for the following year and we said there are priorities that are established, a cap that is placed there but at that time, we didn't realize we needed $1.1 billion per opioids, $1.9 billion for zika virus or hundreds of millions of dollars for flint michigan. in the course of time when these unusual emergencies occur, they are emergency spending. it's over four months in the president asked for the zika money and a long time since he asked for the opioid money. our disappointment, almost to the poin

organizations that are supposed to be the environmental activist organization are decrying the use of biofuels gives me hope that the epa will come out on the right side of this but as marlo mentioned, it shouldn't matter because we could switch over from all ethanol to, away from oil completely and it would be an infinitesimal change in global temperatures anyway so the climate part of this is even what they should be looking at, they should be looking at the adverse environmental consequences that , the real hazardous air pollution's created from increase of insecticides and fertilizers.the epa acknowledged there was land-use quality problems as well as water quality problems as a result of these mandates so if there's anything the epa should be looking at and addressing it should be those problems. >> were going to go ahead and leave it there, can i get a round of applause for our panelists ? you gentlemen. [applause] the paper that was under discussion today is out on the front table as are the previous two papers that deal with regulations on agriculture and free-trade. these guys will be

of our farmers help the state lead the nation in the production of corn, soybean, eggs, pork and biofuelsprovide 1/11 of the nation's food supply but it doesn't stop there. we also lead the nation in the number of large food manufacturers with 36 of the largest 100 food manufacturers calling food home. companies like wicker oats, the largest aerial mill and tones, the largest spice plant based here in iowa. food processing provides 21% i was gross domestic product. islands also choose to purchase locally and support local markets. right now the farmers market is going down on port avenue and it's one of the best in the entiat entrance united states. if you can get away and visit the farmers market this morning, i think you'll be impressed with the quantity and water quality of food and the friendly people that are their marketing their products. our state is the first in the nation in the number of farmers market per capita. simply put iowans know how to produce, process and produce great foods. it helps provide nutrition and fuel globally. with the growing world population, iowa and all

five, encourage cellulosic biofuels. six, make new buildings green buildings. seven, create energy from fusion. in eight years, energy researchers have made tremendous progress in these areas. for example, the price of solar panels has fallen over 80% since 2008, but in some of the other challenges we still have a long way to go. that's why we ought to keep our focus on making energy research a priority. the biggest problem we have in funding basic energy research is how do we pay for it? today i'm introducing legislation that finds a way to pay for it by ending the 24-year-old wind production tax credit, end it at the end of this year rather than in 2019, as the law now says. instead of slowly allowing the wind production tax credit to phase out, this bill would end it on january 1, 2017. then congress could use the $8.1 billion in savings to increase the funding authorization for the office of science, for the same kind of basic energy research that helped drive our natural gas boom and will provide the basis for the next generation of energy innovation that