Today in Biofuels Opinion: “I believe in renewable fuels. I don’t believe in ethanol subsidies”

Senator John McCain of Arizona, speaking at a rally in Iowa: “My friends, we will disagree on a specific issue and that’s healthy. I believe in renewable fuels. I don’t believe in ethanol subsidies, but I believe in renewable fuels. My mission and my job as president of the United States will be to make sure every market in the world is open to your products.

Governor Rick Perry of Texas: “As we can see now, the diversion of our corn supply from grocery stores to gasoline pumps has caused the price of corn to spiral out of control. Corn prices were once driven by market forces. Today they are artificially driven up by a government mandate. In 2004, before the mandates were imposed, the cost of corn hovered around $2 per bushel. Now it is close to $8 per bushel. Last Thursday, the EPA announced it was denying my request. Why? Because the agency’s agriculture and energy economists said the mandates are not causing sufficient damage to warrant action. This not only goes against common sense, but runs counter to the experience of Americans at the grocery checkout counter.

Editor’s note: The CBOT corn price for the September 08 contract is $4.97, not “close to $8 per bushel as indicated by Governor Perry”, and 2004 CBOT price of corn prices had reached $3.08 in 2004.

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