Senators Introduce Bill to End Ethanol Subsidies, Import Tariff
Submitted by joanne on May 4, 2011 – 9:02 amNo Comment
by Jim Snyder (Bloomberg) …Senators Dianne Feinstein, a California Democrat, and Tom Coburn, an Oklahoma Republican, said the 45-cent credit, which is given to oil refiners for each gallon of ethanol they blend with gasoline, was unjustified given the U.S. deficit.
The break is set to expire this year. Repealing it by July 1 would save about $3 billion, the senators said. The legislation also would repeal a 54-cent tariff on ethanol imports.
…Democratic Senators Ben Cardin of Maryland and James Webb of Virginia and Republicans Richard Burr of North Carolina, Susan Collins of Maine and James Risch of Idaho also support the bill, according to the statement from Feinstein. READ MORE and MORE (Ethanol Producer Magazine)
