Congress subsidized a product that didn't exist, mandated its purchase though it still didn't exist, is punishing oil companies for not buying the product that doesn't exist, and is now doubling down on the subsidies in the hope that someday it might exist. We'd call this the march of folly, but that's unfair to fools.You have to read the whole thing to believe it, but you still might not.
Tuesday, December 13, 2011
We have a winner!
It's no secret that the annals of federal alternative-energy policies are full of some of the most ludicrously inefficient and ridiculous attempts at repealing the laws of physics, chemistry, biology, and economics. In the very stiff competition for the most ridiculous, one stands alone: Cellulosic ethanol. As summarized by the Wall Street Journal: