After voting against nationwide use of ethanol in gasoline last year, Senator Clinton today echoed President Bush's advanced energy initiative, calling for tax credits, private investment and new research in order to cut the consumption of foreign oil.
According to the Associated Press, Clinton called for a massive expansion of corn-based ethanol, a corn-based fuel additive and substitute, a position sure to be more popular in Iowa, which holds the first caucus of the presidential campaign, than Hilary's vote against ethanol last year.
President Bush has strongly supported ethanol. Under President Bush we have extended the 51-cent-per-gallon tax credit for ethanol suppliers; created a new 10-cent-per-gallon tax credit to provide extra help to small ethanol producers and farmers; provided about $85 million in loans or grants for ethanol business ventures; and signed into law a Renewable Fuels Standard that will nearly double the amount of ethanol in our fuel supply over the next six years.
As result, the ethanol Industry is booming. Last year, America used a record 4 billion gallons of ethanol - more than double the level when the President took office. There are now 97 ethanol refineries in our country. Nine of those are expanding, and 35 more are under construction.