US votes to stop ethanol support

US S

US Senate voted overwhelmingly last night to eliminate billions of dollars in support for the ethanol industry, sending a strong message that the era of big taxpayer support for biofuels is ending. The increasingly hostile attitude toward federal ethanol support has added fuel to a steep fall this week in the price of corn, from which most US ethanol is made. The 73-27 vote to halt the $6bn (£3.7bn) a year ethanol subsidies reflects the push by both parties to rein in the government's huge deficit, though the decision must pass several hurdles before becoming final.