Under the headline, Investors suffer as US ethanol boom dries up, Financial Times reported today on the plight of people like Microsoft’s Bill Gates whose investment in the ethanol industry are not panning out:
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Investors, such as Microsoft’s Bill Gates, are sitting on billions of dollars in losses after buying into the corn-based ethanol industry that George W. Bush embraced as the ans were to US energy woes.
Six of the biggest publicly traded US ethanol producers have lost more than $8.7bn in market value since the peak of the boom in mid-2006 and the beginning of this month, according to an analysis by the Financial Times. The boom followed a 2005 law requiring refiners to mix billions of gallons of the biofuel with petrol.
I wasn’t surprised by the findings of FT reporters Kevin Allison in San Francisco and Stephanie Kirchgaessner in Washington. After all, I’ve been reporting for a long time — see my posts published January 11, January 28 and July 16 — that “I know it when I see it! Corn ethanol is cornography!“
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