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Ethanol’s Advantages Far Outweigh Costs
By Mr Ethanol | June 18, 2008
Indianapolis Star:
Oil imports are falling for the first time in more than 30 years. One reason: More ethanol made right here in the U.S. from corn. A mere 14 years from now, America will be churning out 36 billion gallons of renewable fuels - more than we import now from the Persian Gulf.
We are finally starting to reduce our dependence on a volatile dealer of a highly expensive resource that is eventually going to run out anyway.
The 7 billion gallons of ethanol produced last year held down oil and gas prices 15 percent, according to Merrill Lynch. It was equivalent to removing emissions from 1.2 million vehicles.
But now, only a few months after Congress ordered the renewable fuels industry to produce 36 billion gallons by 2022, biofuels are under fire.
The industry used 3.2 billion bushels of corn last year, and it is reasonable to ask what that is doing to grain markets.
Ethanol is a small part of the overall boost in grain prices. Cattle and poultry producers are paying more for feed, and they pass some of those costs on to consumers. In addition, critics contend, the rising cost of grain pushes up food prices abroad, causing the world’s poorest people to go hungry.
Lobbyists for the oil, beef and poultry industries repeat many of these arguments. But they disingenuously downplay the main reasons for soaring global food prices: rising prosperity and demand for protein in China, India and elsewhere; soaring energy prices; droughts; and frenzied speculation in commodities.
These lobbyists are pushing Congress to reconsider last year’s energy bill and its commitment to domestically produced, renewable energy.
The ethanol industry welcomes a discussion. Read full article.
Topics: Energy, Ethanol, News, Prices |
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