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Senate deal would axe $6 billion ethanol tax credit

Thu, 07/07/2011 - 8:25am
Reuters

WASHINGTON (Reuters) - Three senators have reached a deal to repeal the $6 billion per year ethanol tax credit by the end of July, an agreement that must still be passed by Congress, Senator Dianne Feinstein said.

The loss of the subsidy could add extra costs for refiners like Valero Energy Corp and Marathon Oil Corp but is unlikely to reduce demand for corn because government mandates require increasing amounts of the corn-based fuel until 2015.

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