Calls to scrap ethanol mandate intensify with drought

[Javaman]

http://money.cnn.com/2012/08/06/news/economy/ethanol-drought/index.htm?iid=HP_LN

(This has been on my mind since the massive drought began)

NEW YORK (CNNMoney) -- The drought that's killing crops across the Midwest and sending corn prices to record highs has revived calls to end or ease the government's requirement that corn-based ethanol be blended with gasoline.

Current rules stipulate that nearly 10% of the nation's gasoline supply come from corn-based ethanol. To make that ethanol, up to 40% of the country's annual corn production can be required.

With corn prices surging -- they're up 50% in the last six weeks alone -- many say waiving the mandate would help bring those prices down. They say lower corn prices would also help lower prices for certain foods that depend on the crop, like cereal and meat.

"The impact this is having on the animal protein industry and at the dinner table is profound," Arkansas Republican Congressman Steve Womack said in a statement last week. "If something isn't done -- and done fast -- food prices will soar."

more at link...


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I think of the massive failure of george w. moron* and his stupid ass idea of turning social security into an investment scheme, then the market tanked. Then he* pushed the whole ethanol bs and now this. It's truly amazing just how much of a shit midus he* really was.