Sen. Dianne Feinstein (D, Calif.) says she had reached an agreement with Sens. Amy Klobuchar (D, Minn.) and John Thune (R, S.D.) over ethanol subsidies. Under this agreement the 45-cent-a-gallon tax credit for blending ethanol into gasoline would expire on July 31. The 54-cent-a-gallon tax on imported ethanol would also expire at the end of the month.
Ethanol, once seen as a possible solution for our oil-based consumption problems, has been shown to have greenhouse-gas emissions that exceed or match those from fossil fuels. Ethanol production also takes prime farmland out of production for food crops, therefore exacerbating food prices, which disproportionately affect the world's poor.
It is good to see Congress doing something positive for both the economy and the environment for once.
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