14 Jun '11, 9pm

Process trumps common sense in Senate but writing is on the wall for corn ethanol subsidies

The intricacies of Congressional process trumped common sense today, when the Senate failed to move forward with an amendment offered by Tom Coburn (R-OK) that would have ended decades of wasteful, environmentally harmful subsidies to the corn ethanol industry by sunsetting the Volumetric Ethanol Excise Tax Credit, known as the “VEETC ”. But procedural issues don’t change the facts. Since 2006, the Renewable Fuel Standard (RFS) has required oil companies to blend increasing amounts of ethanol into our gasoline. Nevertheless, we continue to bribe oil companies to obey this law by paying them $0.45 cents for every gallon of ethanol they blend—at a cost of nearly $6 billion dollars this year alone—and shield the mature corn ethanol industry from having to compete in the market with a protective tariff on imported ethanol. On the floor of the Senate this afternoon, Senator Fei...

Full article: http://switchboard.nrdc.org/blogs/ngreene/process_trumps_...

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