http://www.desmoinesregister.com/article/20100728/BUSINESS/7280350/1029/BUSINESS/Valero-says-ethanol-subsidy-is-not-needed

excerpt: 

"Edwards said the benefit of the 45-cent subsidy goes only to the refiners and other companies that blend the ethanol with gasoline and earn the tax credit. Because ethanol is trading for 30 cents per gallon less than gasoline, the subsidy is "almost irrelevant," he said. That could change in the future, he said, if "things change and ethanol tightens up."