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End of Corn Ethanol?

Posted By Barry Ritholtz On December 29, 2011 @ 9:00 am In Energy,Politics,Really, really bad calls | Comments Disabled

I listed these two articles in the morning reads [1], but I am so delighted over this that I had to make sure you did not miss this: Congress has apparently failed to extend the corn ethanol subsidy, a terrible energy idea that has subsidized the burning of food/corn for 30-years.

It is unclear whether this has simply lapsed, and has not been renewed yet or if the wasteful, engine damaging, negative-net-energy Corn Ethanol nightmare is finally over.

Here is the Detroit News:

The United States has ended a 30-year tax subsidy for corn-based ethanol that cost taxpayers $6 billion annually, and ended a tariff on imported Brazilian ethanol.

Congress adjourned for the year on Friday, failing to extend the tax break that’s drawn a wide variety of critics on Capitol Hill, including Sens. Tom Coburn, R-Okla., and Dianne Feinstein, D-Calif. Critics also have included environmentalists, frozen food producers, ranchers and others.

The policies have helped shift millions of tons of corn from feedlots, dinner tables and other products into gas tanks.

What this means is that the domain “ihatecornethanol.com [2]” is now for sale . . .

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Source:
Congress ends corn ethanol subsidy; Trade group expects industry to ‘survive’ [3]
David Shepardson
The Detroit News, December 24, 2011  
http://www.detroitnews.com/article/20111224/AUTO01/112240320/1148/rss25

30-year-old corn ethanol subsidy nixed by Washington [4]
Dan Roth
Autoblog, Dec 27th 2011 11:31AM 
http://www.autoblog.com/2011/12/27/30-year-old-corn-ethanol-subsidy-nixed-by-washington/


Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2011/12/end-of-corn-ethanol/

URLs in this post:

[1] morning reads: http://www.ritholtz.com/blog/2011/12/10-thursday-am-reads-13/

[2] ihatecornethanol.com: http://www.ihatecornethanol.com/

[3] Congress ends corn ethanol subsidy; Trade group expects industry to ‘survive’: http://www.detroitnews.com/article/20111224/AUTO01/112240320/1148/rss25

[4] 30-year-old corn ethanol subsidy nixed by Washington: http://www.autoblog.com/2011/12/27/30-year-old-corn-ethanol-subsidy-nixed-by-washington/

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