I really do not see any pros. The cons would be that the government is picking the winners and losers, instead of people being able to buy what they want to at a fair price. For example, even though there appear to be several alternatives that are better than ethanol, the subsidies in the US have given it an advantage over other alternative fuels. Also, it encourages farmers to grow corn for fuel instead of using that land to grow food. Basically, in the end, it is little more than just another handout to a politically favored group.
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