...the world has changed since ethanol subsidies and mandates were enacted in 2005. Back then, people more plausibly believed we were running out of petroleum, and global warming might become a serious problem. But then hydraulic fracturing happened. The United States is now the world's #1 producer of oil and natural gas -- and the U.S. is importing one-third of its needs, instead of two-thirds. Gasoline prices have plunged, making ethanol much less cost-competitive.The plunge in fuel prices will make ethanol less expensive to produce, and that will mean more corn, more ethanol, more corn-fed beef, and for that and other reasons, lower food prices.
The plunge in fuel prices shows ethanol is less necessary, for fuel.
End the mandate and end the CAFE standards while we're at it.