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Sununu backs freeze on corn ethanol
Thursday, May. 22, 2008
WASHINGTON, D.C. – Sen. John Sununu, R-N.H., yesterday announced his support for legislation to freeze the federal corn-based ethanol mandate at 2008 levels.
Sununu is an original co-sponsor of Sen. Kay Bailey Hutchinson's, R-Texas, bill to limit the annual increase in the amount of corn-based ethanol to 9 billion gallons per year, instead of increasing it to 15 billion gallons by 2015.
"Food prices are at record levels. This year, 30 percent of our corn harvest will go to ethanol production, yet New Hampshire families pay for this misguided policy at the grocery store checkout counter and through increased tax subsidies," said Sununu.
"The Bureau of Labor Statistics reports that food inflation is rising by 4.9 percent per year, and other studies predict higher increases in the future. Our current ethanol policy is a bad deal for New Hampshire families, small businesses and food banks because it distorts market forces, increases prices and prevents competition," Sununu said.
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