Wednesday, June 25, 2008
Obama's Corn-Fed Fake: Subsidized Ethanol
Investor's Business Daily asks: "If [Barack Hussein] Obama wants energy independence through alternative fuels, why doesn't he back imported sugar-based ethanol?"
The answer, according to IBD, is that "this old-style politician knows it isn't grown in the Midwest and Brazil has no electoral votes."
Barack Obama says he represents change. He also criticizes John McCain for trying to drill our way to energy independence to add to the profits of Big Oil. But it's Obama who's playing politics by trying to plant our way to energy independence, buying votes with alternative fuel subsidies that benefit ethanol producers such as Archer Daniels Midland.
ADM is based in Illinois, the second-largest corn-producing state. Not long after arriving in the US Senate, Obama flew twice on corporate jets owned by the nation's largest ethanol producer. Imagine if McCain flew on the corporate jets of Exxon Mobil.
Corn-based ethanol gets a 51-cents-a-gallon tax subsidy that will cost taxpayers $4.5 billion this year. McCain opposes ethanol subsidies while Obama supports them. McCain opposed them even though Iowa is the first caucus state. Obama, touted by Caroline Kennedy as another JFK, was no profile in courage in Iowa.
That subsidy was cut to 45 cents a gallon in the new farm bill, but more money was pushed toward other biofuels such as switch grass. The Democrats can't wait for offshore oil or ANWR, but they can wait for switch grass. The tariff on imported ethanol was extended. Neither candidate voted on the bill, but Obama said he supported it. McCain said as president he would have vetoed it.
If Obama is sincere about alternative fuels, why does he oppose imported sugar-based ethanol from countries like Brazil? He supports not only the domestic subsidy, but a 54-cents-a-gallon tariff on imported ethanol. McCain opposes both.
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EDITOR'S NOTE: Referring to Obama's close ties to ADM, IBD says "Imagine if McCain flew on the corporate jets of Exxon Mobil." That is an insult--to Exxon Mobil. ADM and other agribusiness giants have deliberately used the ethanol scam to drive up corn prices, regardless of the cost in human life and suffering. There is no parallel in the oil industry. The closest analogy might be the surprisingly pro-Obama big banks, hedge funds and pension funds, whose speculation in oil may account for as much as 60% of the 40% increase in oil prices since January.
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