Excerpt Of The Day: The Ethanol Scam
“It takes 1.52 gallons of ethanol from corn to replace a gallon of gasoline. The federal government pays huge corn companies such as ADM 77 cents per 1.52 gallons in subsidies — this is opposed to the 18.4 cents per gallon tax on gasoline. Even at that, ethanol costs more than gasoline.
Switching to 85% ethanol fuel will cost drivers 23% more at the pump.
And now for the kicker: The U.S. slaps a tax of 54 cents per gallon on ethanol imported from Brazil.
So this is far from an environmental issue. This is pure protectionism and cornpone politics. Robert Bryce in Slate called it , “The stupidest federal subsidy.” Between 1995 and 2003, these corny ethanol subsidies cost taxpayers $37.3 billion.” — Don Surber