There’s a kernel of good to this story, if you care about climate change and high food prices.
Sure, ethanol has been a great example of how America can begin to overcome its dependency on foreign fossil fuels. But using a staple like corn to make the biofuel has driven up food prices and displaced other food crops.
Now comes the Obama administration, which has proposed new rules for renewable fuels, aimed at cutting carbon dioxide emissions. At the same time, he’s vowed to help prop up the corn ethanol industry with stimulus dollars, and commit stimulus funds to biofuel research.