On the recordJune 9, 2011
I want to discuss for a minute the modification to my amendment. Corn prices today are at their highest level since 1974. Corn supply is at its lowest level since 1974. We have tremendous problems with food inflation in this country. What we put forward this afternoon is a modification to the blending tax credit, as well as the import tax fee on ethanol, and we look forward to that debate as we go forward. The Federal Government now spends $6 billion a year paying over 40 cents a gallon to have ethanol blended, which is already mandated by law that they have to blend it anyway. So this, in essence, will save $3 billion this year for the Federal Government. No. 2 is, it will take significant pressure off corn prices, which will lower food prices both here and abroad. With that, I yield to the Senator from Oklahoma, who wishes to speak as in morning business. The PRESIDING OFFICER. The Senator from Oklahoma.
