Senate Votes to End $6 Billion in Ethanol Subsidies

[Ringel05]

WASHINGTON (Reuters) - The Senate voted overwhelmingly on Thursday to eliminate billions of dollars in support for the U.S. ethanol industry, sending a strong message that the era of taxpayer support for biofuels is ending.

The Senate in a 73-27 vote approved an amendment to end the 45-cent-a-gallon subsidy the government gives refiners and the 54-cent-per-gallon tariff on imported ethanol, which would be a boon to a major ethanol-producing country such as Brazil that makes ethanol from sugarcane.

http://www.nytimes.com/reuters/2011/06/16/us/politics/politics-us-usa-senate-ethanol.html?partner=rss&emc=rss

 

[Wiseacre]

Good deal, let's do some more.

 

[spectrumc01]

Now that we have eliminated the competition to big oil, we need to end their subsidies as well. Farmers should be included in there as well.

 

[Trajan]

yup, it was bi partisan on both sides; the yeas and nays...

just as a side bar,the mandate for renewable fuels consumption ala 36 billion gallons by 2022 has not been stripped out, how they will get there, well, stay tuned.

 

[westwall]

That's some good news!

 

[Oddball]

Now that we have eliminated the competition to big oil, we need to end their subsidies as well. Farmers should be included in there as well.

What subsidies does big oil get?

Let's hear some specifics.

 

[boedicca]

Now that we have eliminated the competition to big oil, we need to end their subsidies as well. Farmers should be included in there as well.

What subsidies does big oil get?

Let's hear some specifics.

He's undoubtedly referring to the accelerate depreciation on capital equipment for tax purposes that All Companies are able to use.

All that means is they tax the tax benefits in one year for Creating Jobs via their investments.

How Evul.

 

[Sallow]

WASHINGTON (Reuters) - The Senate voted overwhelmingly on Thursday to eliminate billions of dollars in support for the U.S. ethanol industry, sending a strong message that the era of taxpayer support for biofuels is ending.

The Senate in a 73-27 vote approved an amendment to end the 45-cent-a-gallon subsidy the government gives refiners and the 54-cent-per-gallon tariff on imported ethanol, which would be a boon to a major ethanol-producing country such as Brazil that makes ethanol from sugarcane.

http://www.nytimes.com/reuters/2011/06/16/us/politics/politics-us-usa-senate-ethanol.html?partner=rss&emc=rss

Good deal. They are a viable industry now. Oil companies will hopefully be next.

 

[KissMy]

Big Oil gets over $280 Billion in subsidies.

Ethanol gets $6 Billion.

Solution = Take-a-way Ethanol Subsidy.

Ethanol created over 400,000 Good Paying Jobs in the USA. Not the part time minimum wage crapola jobs most companies do today. Those ethanol jobs generated $56 Billion in the US economy & $11 billion in federal, state and local tax revenue. That easily covers the $6 Billion ethanol blending subsidy.

One comprehensive report found that subsidies for the oil industry total up to $280 billion annually, representing up to $2 per gallon of gasoline. A recent legislative effort to eliminate $2 billion of these oil subsidies went nowhere in Congress, he noted, after organizations like the National Taxpayers Union painted it as a tax increase.

They are all on the take from Big Oil. They will never bite the hand that feeds them. No way big oil lose their tax breaks or subsidies.

Denver Post

Currently, our government supports the oil industry with over $280 billion every year in the form of various subsidies and other financial incentives (International Energy Agency & DTN studies). This amount does not include the $6 billion ethanol blending tax credit, which goes to the oil companies and NOT ethanol producers as Mr. Carroll misleadingly suggests.

 

[KissMy]

OIL SUBSIDY TOTALS = $133.2 billion to $280.8 billion/annually/ .96 cents to $2.01 per gallon produced in U.S./ 139.5 billion gallons

If we did away with oil subsidies gas would go to $6 a gallon & ethanol would kick oils ass. Ethanol would make huge profit with no subsidy. There is no way new alternative energies can compete against the heavily subsidized oil. If you want to get off the Big Oil tit then quit subsidizing it. Alternatives will flourish.

Boehner wants to cut oil subsidies

House of Representatives Speaker John Boehner said he would consider cutting multi-million dollar tax subsidies to oil companies, saying “it’s certainly something we should be looking at.” Traditionally, Republicans have been very supportive of oil subsidies, claiming that removing them would increase the cost of petroleum based energy and make high gas prices go even higher.

Although President Obama has supported the removal of oil subsidies during the last Congress, repealing the tax breaks now could translate into 6 dollars a gallon at the pump, a possible death knell for his re-election. Removing the subsidies would provide about $4 billion of revenue yearly to the federal government, an obvious boon to the cash strapped federal budget, and would also counter Democratic criticism that Republicans unfairly protect the financial interests of the oil industry. Is Speaker Boehner serious about his intention to look at repealing the oil subsidies? Is his party feeling the heat from progressives who criticize Republicans for cutting social welfare without considering cuts to “corporate welfare?” Or did he just stick his foot in his mouth? What type of proposal could the Dems and GOP agree on?

 

[oreo]

WASHINGTON (Reuters) - The Senate voted overwhelmingly on Thursday to eliminate billions of dollars in support for the U.S. ethanol industry, sending a strong message that the era of taxpayer support for biofuels is ending.

The Senate in a 73-27 vote approved an amendment to end the 45-cent-a-gallon subsidy the government gives refiners and the 54-cent-per-gallon tariff on imported ethanol, which would be a boon to a major ethanol-producing country such as Brazil that makes ethanol from sugarcane.

http://www.nytimes.com/reuters/2011/06/16/us/politics/politics-us-usa-senate-ethanol.html?partner=rss&emc=rss

YES--Hip Hip Hoorah--this is finally a start to get rid of this waste in Federal Government spending--now they can go after corporate welfare--to big oil and Obama's favorite--General Electric who made 18.4 billion dollars in profits last year and didn't pay a penny in Federal taxes on it.

 

[oreo]

Big Oil gets over $280 Billion in subsidies.

Ethanol gets $6 Billion.

Solution = Take-a-way Ethanol Subsidy.

Ethanol created over 400,000 Good Paying Jobs in the USA. Not the part time minimum wage crapola jobs most companies do today. Those ethanol jobs generated $56 Billion in the US economy & $11 billion in federal, state and local tax revenue. That easily covers the $6 Billion ethanol blending subsidy.

One comprehensive report found that subsidies for the oil industry total up to $280 billion annually, representing up to $2 per gallon of gasoline. A recent legislative effort to eliminate $2 billion of these oil subsidies went nowhere in Congress, he noted, after organizations like the National Taxpayers Union painted it as a tax increase.

They are all on the take from Big Oil. They will never bite the hand that feeds them. No way big oil lose their tax breaks or subsidies.

Denver Post

Currently, our government supports the oil industry with over $280 billion every year in the form of various subsidies and other financial incentives (International Energy Agency & DTN studies). This amount does not include the $6 billion ethanol blending tax credit, which goes to the oil companies and NOT ethanol producers as Mr. Carroll misleadingly suggests.

You do realise that there is more harmful emmissions from producing fuel from corn than there is gasoline from oil--don't you?

That is the ONE reason that these ethanol subsidies were CUT.