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There's lots of ways to calculate the benefit of burning gasoline while producing ethanol.
Better than any fancy analysis coming out some bureaucrat's printer are the market forces. All I've seen is that whenever somebody tried this ethanol schtick, they always ended up coming back crying to me for more of my tax dollars. I say that if it's really such a great idea then it should be able to pay its own way. I say the tax'n'spenders ought to give it a break before I start wanting a few subsidies myself.
Hey, I come up with great ideas all the time too, you know.
Like, I've had this great idea for a rock band with me as a lead guitar and all I need is just a little help for a grant from the National Endowment for the Arts-- and I won't be needing anywhere near $100 million per year...