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State Sending Retroactive Checks To Ethanol Plants
By Mr Ethanol | August 27, 2007
WKBT:
State government is preparing to send nearly $2 million in ethanol subsidies to 13 plants to make up for payment cuts made during a budget crisis four years ago.
The retroactive payments will allow the state to keep a promise of paying 20 cents a gallon in ethanol subsidies for ten years. The per-gallon payment slipped as low as 13 cents when the state’s budget was in the red.
Another $53 million is slated to be sent to those producers over the next six years.
The payments come at a welcome time for producers. This month, ethanol prices are off nearly 30% from their peak in March.
Ethanol producers have been getting subsidies since 1986, when the industry was in its infancy.
Minnesota has 16 ethanol plants and five more are being built.
Topics: Agriculture, Ethanol, Money, News |
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