Oil Companies Fined for Not Buying Nonexistent Cellulosic Ethanol

Economics Liberty News Politics

In 2007, Congress passed and President George W. Bush signed the Energy Independence and Security Act (EISA). In keeping with Bush’s 2006 State of the Union pledge to make ethanol “not just from corn but from wood chips and stalks of switch grass … practical and competitive within six years,” the law included subsidies for ethanol production and mandates for its use. By 2011, oil companies were required to blend 250 million gallons of this cellulosic ethanol into their gasoline. The mandate doubled for 2012, and by 2022 it will be 16 billion gallons. There’s just one problem: “Outside a handful of laboratories and workshops,” the New York Times reports, cellulosic ethanol “does not exist.”……….

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