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Sour grapes. By the time you read this, the U.S. Congress probably will have passed ethanol legislation, despite all of its negatives, such as questionable economics, potential net energy losses and so forth. The bill, which will benefit only farmers and agriculture giant Archer-Daniels-Midland Co. (ADM), comes on the heels of a prior farm bill that some say increased farmers’ subsidies by 70%.
Now, we certainly don’t have anything against farmers, but additional subsidies for fuel ethanol are just another government boondoggle that will do little to improve air quality. And ironically, just as this legislation is making its way through Congress, here comes news that casts substantial suspicion on the entire ethanol industry.
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