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Ethanol Subsidies: New Ways To Waste Money
By Mr Ethanol | August 28, 2007
CNSNews.com:
The federal government’s subsidization of the ethanol industry needlessly depletes the U.S. Treasury. As if that alone were not enough to upset taxpayers, H.R. 2419, the Farm Bill Extension Act, will only make an already egregious waste of money worse by making it even more expensive to build new ethanol plants.
Made in the United States from corn, ethanol is a gasoline substitute; running cars on ethanol means using less oil. The federal government heavily subsidizes corn growers and ethanol producers. Rolling Stone reporter Jeff Goodell observed in the July 24 issue that ethanol receives more than 200 tax breaks and at least $5.5 billion in subsidies per year.
According to Goodell, ethanol production represents only 3.5 percent of the nation’s gasoline consumption, but it consumes 20 percent of the entire U.S. corn crop. The Energy Information Administration reported that “Ethanol relies heavily on Federal and State subsidies to remain economically viable as a gasoline blending component.”
It is fair to say that many of the 114 ethanol plants that exist across the country would never have been built if not for government subsidies. Foreign Affairs reports that within a few years these plants will consume half of the nation’s domestic corn supplies, drastically increasing the price of corn and many other foods.
Subsidies for ethanol keep taxes high and have increased the price of corn to its highest level in 10 years. For the average American, this adds up to both a higher tax bill and a higher grocery bill…
Topics: Ethanol, Negatives, News |
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