Blood Pressure Threat Level: Extreme
On the heels of the financial and credit market bailout and the approval of federally backed loans for U.S. auto makers, the already heavily subsidized ethanol industry – yes, I said ETHANOL – may soon be receiving a bailout as well.
U.S. Agriculture Secretary Ed Schafer said the feds are considering payouts of as much as $25M to help ethanol plants. Seems they are struggling since the price of corn has spiked
I agree with NM Congressman J. Flake: Not only should we not give them money, all tax breaks and credits for ethanol producers should be repealed.
Using crops for fuel on any sort of large scale is a bad, BAD idea.
H/T: Iain Murray on The Corner
