Stop the Ethanol Madness
The idea of requiring the nation’s gasoline supply to contain a certain amount of renewable biofuel was born in a short-lived doomsday fad of the 1970s. With experts warning that the world was quickly running out of oil, the shocks of ’73 and ’79 led President Jimmy Carter to call for wartime-style rationing of fuel and other draconian measures to avoid a “national catastrophe.” His proposals, fortunately, didn’t get much further than a small subsidy for corn ethanol.
Just a few years later, with its market share under assault from new non-OPEC oil producers, Saudi Arabia suddenly doubled production. Oil prices crashed around the world, and a decades-long oil glut ensued. So much for that doomsday fad.
As a way to replace dwindling reserves of oil, ethanol subsidies had a certain brutal logic, especially if oil prices were going to keep rising with no end in sight. But as a way to address climate change, the program never made any sense. Corn ethanol may well be worse for the climate than fossil fuels, and the program does significant damage to both the economy and the environment. Its sole beneficiaries are large agricultural corporations—and the politicians who serve them.
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Corn ethanol is the
