Our Awful Situation
Ethanol feels squeeze: Amid rising oil and food prices, biofuel industry losing its friends
Not long ago, the fledgling ethanol industry was the darling of investors, farmers, the federal government and a lot of Americans who liked the idea of turning corn into fuel.
But suddenly, it doesn’t have nearly as many friends.
Rising worldwide food prices and shortages have spurred calls in Congress to roll back the federal requirement that increases the amount of ethanol and other biofuels blended with the nation’s gasoline supply. Critics say so much corn is being used for ethanol that there’s less available for people and animals to eat, raising prices of everything from tortillas to meat.
What’s more, investors who bought into the industry in good times aren’t seeing the returns they had hoped for as once-record profits began to fall.
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