WASHINGTON, D.C. --- Senators Judd Gregg (R-N.H.) and Chuck Schumer (D-N.Y.) announced legislation seeking to lower gasoline prices by repealing the 54 cents-a-gallon duty on foreign ethanol brought into the U.S. through the end of 2006. According to an AP report, Gregg said eliminating the import fees would temporarily bolster foreign ethanol supplies and help lower gasoline prices. He predicted that the plan, if approved, could quickly cut gas prices by about 8 cents a gallon.

Originally posted on Fleet Financials