Biofuels in the Crosshairs
As food riots in Somalia turned deadly, economists and elected officials in the United States and the European Union are revisiting the 'wisdom' of biofuel mandates.
According to American economist Jeffrey Sachs, such mandates "do not make sense now in a global food scarcity condition."
No kidding, Jeff.
Washington politicians appear to be having similar epiphanies. According to the Associated Press, "lawmakers are questioning the unintended consequences of using corn for fuel amid a global food crisis that has led to riots abroad and higher grocery bills at home," and calling on the EPA to suspend the ethanol mandate.
How quickly will Washington reverse course? According to the AP, "Analysts say lawmakers are unlikely to roll back popular ethanol subsidies during an election year."
For more on biofuels such as ethanol, click here.