Oil refiners make a peace offering to the ethanol industry
For an example of a profound government policy failure, look no farther than the Energy Independence and Security Act (EISA) of 2007 and its ethanol mandate. The law — with the best of intentions, of course — mandated the blending of corn ethanol into the U.S. gasoline pool to a level of 10 percent to help curb expensive foreign oil imports. Unfortunately, the law didn’t take into account the potential for technical hiccups, or unintended economic and political consequences.
[Read the rest of the op-ed over at The Hill.]
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