Energy secretary sees need to import ethanol to meet Pres. Bush's goals

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.

By Mike.Magda@weblogsinc.com
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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]