Mar 1, 2011

Ethanol boondoggle will be about $16.2 billion

Bryce writes in The Wall Street Journal -  using biofuels to displace oil requires massive subsidies. Last year, Bryce points out, the Congressional Budget Office (CBO) reported that the cost to taxpayers of using corn ethanol to reduce gas consumption by one gallon is $1.78. "This year, the corn ethanol sector will produce about 13.8 billion gallons of ethanol, the energy equivalent of about 9.1 billion gallons of gasoline," he says. "Using the CBO's numbers, that means the total cost to taxpayers this year for the ethanol boondoggle will be about $16.2 billion"

Haase -  "IF we do not fix what's right with BioFuels.... the right will make them wrong."