We now see the first step in change Obama will perform in his new administration, he will keep the failed ethanol policy of President Bush in place. Wait! Change? What's this?
It's politics as usual in Washington, and things aren't going to change in spite of this being the most "important" election in decades.
Obama has already confirmed this through his announcement via his campaign senior energy adviser Heather Zichal, who recently said concerning Obama's policy for ethanol: "Obama recognizes how important the renewable and biofuels industry is to creating jobs and meeting our goal of reducing dependence on foreign oil. He's fully committed to it and sees tremendous value in the renewable fuels standard and continuing down this path."
Yawn. I guess the food riots will continue around the world, and feed prices rise as we continue along this disastrous path.
Even though the idea of cellulosic ethanol was offered up as the eventual future of the biofuel, the truth about it at this time is it costs about twice as much to produce as corn-based ethanol, and it's many years away from being ready for use, if it ever is.
When subsidies and tariffs can't even make an industry succeed, it's far past time to change directions and admit mistakes. To continue to pour billions down this rabbit hole is irresponsible at best.
One major reason for Obama is his home state of Illinois is the second-largest producer of ethanol, and he also was rewarded by Iowa on his presidential run. He wouldn't dare to the right thing by ending this travesty, as he would pay for it in four years.
Business as usual in Washington.
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