To be honest, Chimpy’s status as a loser has little to do with ehtanol.

Ethanol Bust Makes Loser of Bush, Gates, Archer Daniels Midland

Ethanol, the centerpiece of President George W. Bush’s plan to wean the U.S. from oil, is 2007’s worst energy investment.

The corn-based fuel tumbled 57 percent from last year’s record of $4.33 a gallon and drove crop prices to a 10-year high. Production in the U.S. tripled after Morgan Stanley, hedge fund firm D.E. Shaw & Co. and venture capitalist Vinod Khosla helped finance a building boom.

Even worse for investors and the Bush administration, energy experts contend ethanol isn’t reducing oil demand. Scientists at Cornell University say making the fuel uses more energy than it creates, while the National Research Council warns ethanol production threatens scarce water supplies.

As oil nears $100 a barrel, ethanol markets are so depressed that distilleries are shutting from Iowa to Germany. An investor who put $10 million into ethanol on Dec. 31 now has $7.5 million, a loss of 25 percent. Florida and Georgia have banned sales during the summer, when the fuel may evaporate and create smog.

4 thoughts on “Looooooooser!

  1. Dumb question:
    Why didn’t the Chimp ask the experts before doing it? It’s not like this wasn’t predicted. Even the Chimp has some understanding of knowledge as shown by his perpetual joke of “I’m the C student and he’s the PhD”.

  2. Hit return too quick. Should have added:
    Instead, he goes off half-cocked and trumpets this wonderful thing that he is doing. People who follow him in useless motion expend their energy on this when instead their energy could have been applied to a useful purpose.

  3. more of mr. midass. of course CORN wasn’t the way to go. tho if it make corn syrup too expensive to use in soda, that would be a good thing.
    DEATH TO CORN SYRUP! except car syrup, i need that to make caramel.

Comments are closed.