The latest issue of Business Week magazine has some particularly interesting information in an article titled, “Corn farmers sweat as Congress threatens to cut its support of ethanol”.
It seems that The EPA has proposed that the amount of ethanol added to gasoline be CUT!
Simultaneously, Senators Tom Coburn (R–OK) and Dianne Feinstein (D–CA) are co-sponsoring a bill to ELIMINATE the requirement for ethanol to be blended into gasoline!
My God…Is an attack of bi-partisanship breaking out in DC?
Or, even more surprising, is common sense actually being used in the halls of Congress?
Of course, the governor of Iowa is threatening to sue, but–since ethanol has been a cash cow (albeit a highly flawed one) for his state, I guess that we shouldn’t be surprised if he does have his state file suit in order to continue to make everyone use ethanol.
What underlies this situation is the reality that The US is now a net exporter of crude oil, and an application has been filed with The Commerce Department to allow US oil companies to export gasoline. Since we now–and for the foreseeable future–appear to have a more than sufficient supply of petroleum, there is no reason for us to continue to be forced to fuel our cars with ethanol in any amount.
One of the “talking heads” whom I saw interviewed recently on Bloomberg TV stated that The US will achieve a positive trade balance w/in the next year or two, and this is due to both the greatly increased production of petroleum in this country and to a resurgence of manufacturing in some parts of The US. This is surely good news, and it just helps to buttress the idea that we no longer need to be handcuffed to the farce of corn-based ethanol.
I suggest that all of us write or call our US Senators to voice support for the Coburn-Feinstein bill!