Obama's Corn Fake
By INVESTOR'S BUSINESS DAILY | Posted Wednesday, June 25, 2008 4:20 PM PT
Energy: If Obama wants energy independence through alternative fuels, why doesn't he back imported sugar-based ethanol? This old-style politician knows it isn't grown in the Midwest and Brazil has no electoral votes.
Read More: Energy | Election 2008
Barack Obama says he represents change. He also criticizes John McCain for trying to drill our way to energy independence to add to the profits of Big Oil. But it's Obama who's playing politics by trying to plant our way to energy independence, buying votes with alternative fuel subsidies that benefit ethanol producers such as Archer Daniels Midland.
ADM is based in Illinois, the second-largest corn-producing state. Not long after arriving in the U.S. Senate, Obama flew twice on corporate jets owned by the nation's largest ethanol producer. Imagine if McCain flew on the corporate jets of Exxon Mobil.
Corn-based ethanol gets a 51-cents-a-gallon tax subsidy that will cost taxpayers $4.5 billion this year. McCain opposes ethanol subsidies while Obama supports them. McCain opposed them even though Iowa is the first caucus state. Obama, touted by Caroline Kennedy as another JFK, was no profile in courage in Iowa.
That subsidy was cut to 45 cents a gallon in the new farm bill, but more money was pushed toward other biofuels such as switch grass. The Democrats can't wait for offshore oil or ANWR, but they can wait for switch grass. The tariff on imported ethanol was extended. Neither candidate voted on the bill, but Obama said he supported it. McCain said as president he would have vetoed it.
If Obama is sincere about alternative fuels, why does he oppose imported sugar-based ethanol from countries like Brazil? He supports not only the domestic subsidy, but a 54-cents-a-gallon tariff on imported ethanol. McCain opposes both.
Corn ethanol is less energy-efficient and costs more. It generates less than two units of energy for every unit of energy used to produce it. Ethanol made from sugar cane has an energy ratio of more than 8-to-1. Production costs and land prices are cheaper in the countries that produce it.
This year, according to John Lott Jr., senior research scientist at the University of Maryland, 34% of U.S. corn — some 3.65 billion bushels — will be used for fuel. Putting this much food into our gas tanks hasn't reduced gas prices, but it has raised food prices.
Farmers in vote-rich farm states plant corn for fuel, not only raising the price of corn, but also milk, eggs, meat and even bread as wheat fields are converted to corn.
Last year, as President Bush was about to sign an energy cooperation agreement with Brazil, Obama said the move would hurt "our country's drive toward energy independence."
Really? The only thing it might hurt is Obama's drive to the White House.
Sounds like just another greedy pol with no ethics to me
