From The Heritage Foundation and AEI:
Natural Resources, Energy, Environment, & Science
Children of the Corn: The Renewable Fuels Disaster
by Aaron Smith
American Enterprise Institute
January 05, 2012
Deficit hawks, environmentalists, and food processors are celebrating the expiration of the ethanol tax credit. This corporate handout gave $0.45 to ethanol producers for every gallon they produced and cost taxpayers $6 billion in 2011. So why did the powerful corn ethanol lobby let it expire without an apparent fight? The answer lies in legislation known as the Renewable Fuel Standard (RFS), which creates government-guaranteed demand that keeps corn prices high and generates massive farm profits. Removing the tax credit but keeping the RFS is like scraping a little frosting from the ethanol-boondoggle cake.
URL: www.american.com/archive/2012/january/children-of-the-corn-the-renewable-fuels-disaster
Natural Resources, Energy, Environment, & Science
Children of the Corn: The Renewable Fuels Disaster
by Aaron Smith
American Enterprise Institute
January 05, 2012
Deficit hawks, environmentalists, and food processors are celebrating the expiration of the ethanol tax credit. This corporate handout gave $0.45 to ethanol producers for every gallon they produced and cost taxpayers $6 billion in 2011. So why did the powerful corn ethanol lobby let it expire without an apparent fight? The answer lies in legislation known as the Renewable Fuel Standard (RFS), which creates government-guaranteed demand that keeps corn prices high and generates massive farm profits. Removing the tax credit but keeping the RFS is like scraping a little frosting from the ethanol-boondoggle cake.
URL: www.american.com/archive/2012/january/children-of-the-corn-the-renewable-fuels-disaster
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