If the U.S. is to reduce its gasoline consumption, the country will have to import ethanol. That according to Energy Secretary Samuel Bodman. He also said it's unlikely that the 51-cent-a-gallon subsidy to farmers will extend past 2010, nor did he feel the import tariff of 54 cents a gallon on ethanol should be renewed after 2008. Basically, ethanol will soon be a global commodity and countries that can grow the biomass, develop more efficient refining technology or become subsidized by their own government will profit. Pres. Bush's plan calls for a 20-percent reduction in gas consumption in 10 years by improving vehicle fuel economy and developing alternative fuels.

[Source: Adam Smallman / Dow Jones Newswires via Houston Chronicle]

Share This Photo X