Biofuel Bust

Ethanol is not working out so well. This WSJ piece concludes:

Congress subsidized a product that didn't exist, mandated its purchase though it still didn't exist, is punishing oil companies for not buying the product that doesn't exist, and is now doubling down on the subsidies in the hope that someday it might exist. We'd call this the march of folly, but that's unfair to fools.

And cronyism is alive and well as the Navy buys $16/gal fuels that normally sell for less than $4/gal to enrich Big Cellulose as highlighted in this article. But we should all feel good that "the Great Green Fleet Carrier Strike Force" will be protecting us.