I always like to joke that America is such a capitalist society that even supporters of big-government socialism find ways to earn profits from venture socialism. Nowhere is that more evident than with ethanol lobbyists. They couldn’t care less that the ethanol mandate is exacerbating the drought. Now they are claiming that if government doesn’t force Americans to use their product, it will hurt investments!
Biofuels groups said Tuesday that political pressure from governors to waive the renewable fuel standard (RFS) this year is starting to strain the industry by sending “instability signals” to investors.
Eight state governors have asked the Environmental Protection Agency (EPA) for an RFS waiver in response to the drought. Biofuels groups told reporters that they are starting to worry such efforts could chill investment in advanced biofuels — generally considered those made from non-food products — that many lawmakers support.
“I think just the fact that people are filing waivers kind of creates turbulence in the system,” Brent Erickson, executive vice president with the Biotechnology Industry Organization, said during the conference call.
Talk about venture socialism!