ETHANOL VOTE
Tuesday, June 14th, 2011 -- 1:51 PM
There could be a huge vote Tuesday that would impact the future of corn-based ethanol.The U.S. Senate is debating a measure to eliminate a $5-billion ethanol tax credit that pays oil refineries .45-cents per gallon to mix ethanol with gasoline. Corn growers support the tax credit because it helps increase demand for their crops.
The measure is being pushed by Oklahoma Senator Tom Coburn, a Republican, who calls ethanol ?bad economic policy and bad environmental policy."
The plan makes for strange bedfellows. It?s supported by conservative groups such as the Club for Growth and environmental groups such as the Sierra Club.
But farm groups, like the Farm Bureau Federation and the Obama Administration don?t want the subsidy to end.
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