Ethanol subsidyJudson Jaffe's article titled "US should reconsider fuel ethanol's excise tax exemption" is 'spot on,' as the Brits say (OGJ, June 13, 2005, p. 26). The 51¢/gal subsidy for the production of ethanol amounts to over $21/bbl. Ethanol producers are fond of reminding people how they are reducing America's dependence on oil imports. Imagine what could be done to reduce America's dependence on foreign oil if it were possible to extend this subsidy to other domestic energy programs. Jaffe points out that the cost to America of its ethanol subsidy was nearly $2 billion in 2004 and is increasing rapidly as new plants come on stream. Crude oil, once benchmarked at $25/bbl, has pa...

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