A new study (found via Tidepool, and reported here in the Des Moines Register) claims that U.S. taxpayers will pay somewhere between $5.1 billion and $6.8 billion dollars this year to subsidize ethanol production. That's works out to, oh, around a buck and a half per gallon of gasoline equivalent, on top of the sales price of the fuel.
As far as I can tell, the authors have done a pretty credible job of tallying up the various costs of ethanol subsidies -- not just the federal tax credits, but also farm subsidies, accelerated depreciation allowances for capital investments, and even state-level ethanol promotion programs.
Still, I don't think this is the last word on the matter. Not by a long shot. A complete assessment of the issue would look even farther afield, and tally a far wider swath of costs, as well as benefits.
And when I do that, I see billions and billions of dollars, on both the plus and minus sides of the ledger. But the climate-change benefits of ethanol? Not so big.