Ethanol Tax Credit Expires, Price of Regular Gas Jumps

By Scott Sarvay

January 6, 2012 Updated Jan 6, 2012 at 1:17 PM EDT

UNDATED (Indiana’s NewsCenter) - You might have noticed that prices for ethanol fuel are on the rise and an expired tax credit is the reason why.

On January first, prices jumped 38-cents a-gallon on E-85 when the tax credit quietly expired.

That credit was not renewed in the recent federal spending bill.

Ethanol accounts for about 10-percent of the nation's gas supply.

E-85 prices have recently gone above the three-dollar a-gallon mark.

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