Catholic Online (www.catholic.org)
 Ethanol is derived from corn. On Sunday, subsidies to ethanol providers come to an end, prompting a rise in gas prices. CHICAGO, IL (Catholic Online) - Under pressure to reduce the federal deficit, officials have eliminated the 30-year running ethanol subsidy. The subsidy has given ethanol producers a tax credit of 45-cents-per-gallon.
All gasoline sold in the US has at least some ethanol as a component, so the change in policy will certainly affect the price for all consumers. Analysts expect prices to rise by about 4.5 cents.
Other factors, such as market volatility and tensions with Iran also threaten to cause prices to rise in the short term.
© 2012, Catholic Online. Distributed by NEWS CONSORTIUM. - - - Pope Benedict XVI's Prayer Intentions for January 2013 General Intention: The Faith of Christians. That in this Year of Faith Christians may deepen their knowledge of the mystery of Christ and witness joyfully to the gift of faith in him. Missionary Intention: Middle Eastern Christians. That the Christian communities of the Middle East, often discriminated against, may receive from the Holy Spirit the strength of fidelity and perseverance. |
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