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I think as the technologies being developed that allow efficient production of ethanol from waste products like cellulosic plant matter, compost, sewage and whatever, more ethanol in fuel makes sense. Ethanol is a really great fuel for internal combustion engines, it just doesn't make a lot of economic sense the way it's happening right now.
If you're going to get rid of biofuel subsidies by the way, might as well get rid of all these silly farming subsidies while you're at it. If only it were so easy to get rid of government subsidies...
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