Sen. Corker discusses his support for an amendment to end taxpayer subsidies for domestic ethanol production and tariffs on ethanol imports.
In supporting the amendment, Sen. Corker said, “For a long time, these massive taxpayer subsidies have been a senseless, egregious and costly market distortion that our country cannot afford. You know you’ve got a bad policy when the very people benefiting from it are now saying it's ridiculous and want it to end. By ending both the subsidies and the corresponding import barriers to ethanol, we can save $6 billion and restore market forces to a fully mature market.” The Senate passed the amendment by a vote of 73 to 27.
I am pleased to learn that this amendment also ends tariffs on ethanol imports. This tariff on imported ethanol is nothing but protectionism and is anti-environmental in the extreme. Imported ethanol is mostly made from sugarcane which is more efficient than corn-based ethanol, does not contribute to starvation in the third world or the dead area in the Gulf of Mexico.
Kudos to Senator Corker for supporting this amendment.