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Politics : Formerly About Advanced Micro Devices
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To: Road Walker who wrote (338485)5/26/2007 7:26:05 PM
From: tejek  Read Replies (1) of 1574299
 
They point to a surprising culprit: uncertainty created by the government’s push to increase the supply of biofuels like ethanol in coming years.

In his State of the Union address in January, President Bush called for a sharp increase in the use of biofuels, along with some improvement in automobile fuel efficiency to reduce America’s use of gasoline by 20 percent within 10 years. Congress is considering legislation calling for a nearly fivefold increase in the use of ethanol.

That has forced many oil companies to reconsider or scale back their plans for constructing new refinery capacity.

WTF, let me get this straight....there have been no new refineries built in the last 25 years. However, in the last year, the oil companies had decided to build some but now they won't because ethanol which reduce gas consumption by 5% has created a climate of uncertainty?

Hmmm.......I have a sneaking suspicion Rove is moonlighting with the oil companies now.
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