With current technology, almost all of this biofuel would have to come from corn because there is no feasible alternative. However, achieving the 15% goal would require the entire current U.S. corn crop, which represents a whopping 40% of the world's corn supply.That's a problem? I thought that was the whole point.
....Thus, it is no surprise that the price of corn has doubled in the last year from $2 to $4 a bushel. We are already seeing upward pressure on food prices as the demand for ethanol boosts the demand for corn.
Seriously, though, read the whole thing. As practically everyone except politicians pandering their way through Iowa knows, corn ethanol is a boondoggle. It doesn't do much to reduce oil use, it doesn't do much for the environment, and it doesn't do much for your food bill. All it does is make corn farmers happy.