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Mandated Ethanol Usage: A Good Idea?
By Mr Ethanol | December 11, 2007
BloggingStocks:
Some people say that Americans need to look for “alternatives” to oil as prices generally increase and pollution concerns are trumpeted by environmentalists. The current hot topic is ethanol, a corn-based fuel that is already being used in automobiles on a small scale.
The new demand for corn is fantastic for farmers, who are seeing rising prices paid for their corn. It’s not so good for consumers — it’s causing food prices to rise as the availability of corn is going down.
Looking for fuel alternatives is a good idea, but it has to be done strategically and smartly. Consumer needs for food should come before fuel. That’s just common sense.
A bill passed the House of Representatives on Friday, mandating more widespread use of “biofuels,” which are derived from plants. We currently consume about 6 billion gallons of ethanol and other biofuels, and this bill would force consumers to increase that to 36 billion gallons per year by 2022.
Tree-huggers love it. They say biofuels create fewer greenhouse gases and can be continuously generated by growing plants. It may reduce the need for oil imports.
Farmers love it. Instant market for their goods.
Topics: Agriculture, Biofuel, Ethanol, Market, News |
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