Quoting from the report:
In order for the administration and the Congress both to espouse policies that decrease this country's oil-dependency in the most expeditious manner, and to immediately address public concerns over global warming, dramatic changes must be made to the U.S.'s current energy security strategy. Therefore, it is COHA's recommendation that the leadership of the Congressional Brazil Caucus pursue, during 2008, Option 2: Not extending the Harmonized Tariff Schedule applied to ethanol imports past January 1st 2009.
In summary, lifting both the $0.54 cent import tariff and the 2.5% ad valorem tax on ethanol would effectively increase the availability of ethanol in the U.S. This greater supply may make a case for ending the ethanol's share in the U.S. fuel market--currently below 4%--while not risking the displacement of the domestic ethanol industry. Furthermore, it would promote the use of a "green" energy source that could initially complement, but ultimately replace oil. It is COHA's conclusion that legislation akin to the "Ethanol Import Fairness Act" (H.R. 5261) could lay the foundation on which an effective "green" energy security strategy could be built.
Now let's see them get that past the farmers...