Congressman Peter Welch says it’s time to pull the plug on federal subsidies for the ethanol industry.
During an appearance at a marina Wednesday Welch said the subsidies cost taxpayers nearly $6 billion a year and in the process drive up food prices and damage engines in boats, motorcycles and lawnmowers.
He also noted a recent General Accountability Office report that questioned the wisdom of the subsidies for what it called a mature industry.
The industry currently benefits from a tax credit, a protective import tariff and a renewable energy fuel mandate that requires blending of ethanol and other biodiesel in U.S. transportation fuel.