By Daily Mail Reporter
Last updated at 7:25 AM on 23rd November 2010

Former U.S. Vice President Al Gore said support for corn-based ethanol in the United States was ‘not a good policy’, weeks before tax credits are up for renewal.

U.S. blending tax breaks for ethanol make it profitable for refiners to use the fuel even when it is more expensive than gasoline. The credits are up for renewal on December 31.

Total U.S. ethanol subsidies reached $7.7billion last year according to the International Energy Industry, which said biofuels worldwide received more subsidies than any other form of renewable energy.

U-turn: Al Gore arrives at the conference hall before delivering his speech in Athens, Greece yesterdayU-turn: Al Gore arrives at the conference hall before delivering his speech in Athens, Greece yesterday

‘It is not a good policy to have these massive subsidies for (U.S.) first generation ethanol,’ said Mr Gore, speaking at a green energy business conference in Athens sponsored by Marfin Popular Bank.

‘First generation ethanol I think was a mistake. The energy conversion ratios are at best very small.

Read more: http://www.dailymail.co.uk/news/article-1332231/Al-Gores-U-turn-corn-ethanol-I-mistake.html#ixzz165mxk8jZ


By Javier Blas, Commodities Editor

Published: November 17 2010 09:41 | Last updated: November 17 2010 18:18

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