Posted by
Buster Foghorn on Sunday, May 11, 2008 4:32:26 PM
A, May 11, 2008, New York Times Editorial, "Rethinking Ethanol," captures the quagmire Congress has created with its failed corn ethanol policies and examines the fairly easy remedial steps that should be taken to fix the problem. Rather than endless debates about an abbreviated summer holiday from the Federal gas tax, here is a way for Congress to begin to right the market place by recognizing its mistake and taking a step back from the precipice.
In a time of worldwide increasing food shortages due to a displacement of food production for ethanol, many may starve around the world before they ever have to fear loss of life from apocalyptic environmental conditions. Additionally, the plan to increase corn ethanol production could actually accelerate global warming.
The Times recommends:
A. end tax breaks for corn ethanol;
B. end a 51-cents-a-gallon subsidy to ethanol blenders; and
C. end the five-fold increase in ethanol production.
For once, even I agree with the New York Times. It is time for Congress and the Administration to take action.