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Corn to alcohol fuel could raise GNP and cut deficit
A study for the Energy Department finds diverting corn from export to fuel alcohol would lift gross national product by billions and trim the trade deficit by millions. By exporting distillers’ dried grain and byproducts instead of corn, the U S could meet foreign protein needs while using starch converted to ethanol at home. Using 1981 prices, fuel alcohol and byproducts add 1.89 dollars per bushel versus raw corn plus refined oil value. If half 1980 corn exports shifted, GNP would rise 2.3 billion with a 61 million deficit drop. about 2.9 billion gallons of gasoline replaced annually, easing energy dependence. Corn price would need to rise to 4.90 per bushel to forgo conversion. The Reagan admin has limited incentives, retaining only a 4 cent excise tax exemption for gasohol.