When Henry Ford envisioned the automotive industry a century ago, he planned for his Model T to run on corn-based ethanol. But the price of gasoline was so low it became a matter of economics. Today we are turning back to ethanol. Its option as a more economical fuel is enticing the White House, Wall Street, and auto interests to jump on board the next wave.
Ethanol has its skeptics who say the cost/reward ratio is not great enough to favor the use of the corn-based fuel over petrochemicals. But it is ‘off to the races’ for the alternative fuel until industy and political leaders rally around something better.
Thomas Dorr, undersecretary of rural development at the US Agriculture Department announced that the Indy 500 will require all its cars next year to run on 100 percent ethanol after using a 10 percent blend this year. "This is a terrific day for biofuels and the corn industry." (PlanetArk)
Ethanol production in the US is growing so quickly that for the first time, farmers expect to sell as much corn this year to ethanol plants as they do overseas… The president and Congress are calling for even greater ethanol use. Wall Street cannot seem to get enough of ethanol-related investments. Automakers are speeding ethanol-capable vehicles onto the road. (AP )