| Pols Drunk On Corn-Based Ethanol Have Left Millions With Hangover |
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| Written by HENRY I. MILLER, IBDeditorials.com | |
| Thursday, 28 February 2008 | |
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Page 1 of 4 "There
is a right way and a wrong way to produce (ethanol)," the New York
Times editorialized on Feb. 24. "Done right, ethanol could help wean
the country from its dependence on foreign oil while reducing the
emissions that contribute to climate change. Done wrong, ethanol could
wreak havoc on the environment while increasing greenhouse gases."
There is not, in fact, a right way to produce ethanol. But several wrong ones — spawned by congressional and presidential edicts — are already wreaking havoc on food prices and the natural environment. What we need to do is free up the ingenuity of innovators to devise a variety of approaches to biofuel production, and then permit the marketplace to decide the winners and losers. President Bush announced last year a goal of replacing 15% of domestic gasoline use with biofuels over the next 10 years, which would require an almost fivefold increase in mandatory biofuel use to about 35 billion gallons. |
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