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Ethanol has been strongly supported as a solution to U.S. energy security, and recently, reducing carbon emissions. Historic Government subsidies and blending mandates made ethanol one of the most successful renewable energy sources in the U.S. Although the Government subsidies expired a year ago, increased ethanol is now being advocated possibly as a part of the EPA’s developing climate policy. Is increased corn ethanol a reasonably economical solution to reducing future U.S. carbon emissions?