
Well, maybe my words can't describe how bad corn ethanol is, or Mayor Bloomberg's, or those of top scientists, but I think I have found someone's words that do: Opus's from Bloom Country.
First, however, the lastest grim news from Fortune: "The ethanol boom is running out of gas as corn prices spike." Yes, "plans for as many as 50 new ethanol plants have been shelved in recent months." Why?
Spurred by an ethanol plant construction binge, corn prices have gone stratospheric, soaring from below $2 a bushel in 2006 to over $5.25 a bushel today. As a result, it's become difficult for ethanol plants to make a healthy profit, even with oil at $100 a barrel.
If you can't make money with oil at $100 a barrel, you are not much of an alternative fuel.
But I know what you're thinking -- if corn ethanol is so bad, what's wrong with plants being scrapped? Well, the corn ethanol business is here to stay. The corn ethanol mandate from the most recent energy bill requires doubling supply from current levels. Fortune explains what that means: