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The only reason E10 is cheaper than E0 is subsidization. So we pay less for gas, more for food, and our tax dollars go to enrich corn farmers instead of other activities where they might do more good.
As for importing oil - we don't need to do that anymore. Whether or not we should is another question. But it can no longer be said that adding ethanol to gasoline is reducing our dependency on foreign oil; technically we have no such dependency.
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