资源描述：
《the ethanol bubble：乙醇汽泡》由会员上传分享，免费在线阅读，更多相关内容在应用文档-天天文库。
1、THEETHANOLBUBBLEIn1974,astheUnitedStateswasreelingfromtheoilembargoimposedbytheOrganizationofPetroleumExportingCountries,Congresstookthefirstofmanylegislativestepstopromoteethanolmadefromcornasanalternativefuel.OnApril18,1977,amidmountingcallsforenergyindependence,PresidentJimmyCarte
2、rdonnedhiscardigansweaterandappearedontelevisiontotellAmericansthatbalancingenergydemandswithavailabledomesticresourceswouldbeaneffortthe"moralequivalentofwar."Thegradualphaseoutofleadinthe1970sand1980sprovidedanadditionalboosttothefledglingethanolindustry.(Lead,atoxicsubstance,isape
3、rformanceenhancerwhenaddedtogasoline,anditwaspartlyreplacedbyethanol.)Aseriesoftaxbreaksandsubsidiesalsohelped.Inspiteofthesemeasures,witheachpassingyeartheUnitedStatesbecamemoredependentonimportedpetroleum,andethanolremainedmarginalatbest.Now,thankstoacombinationofhighoilpricesandev
4、enmoregenerousgovernmentsubsidies,corn-basedethanolhasbecometherage.Therewere110ethanolrefineriesinoperationintheUnitedStatesattheendof2006,accordingtotheRenewableFuelsAssociation.Manywerebeingexpanded,andanother73wereunderconstruction.Whentheseprojectsarecompleted,bytheendof2008,the
5、UnitedStates'ethanolproductioncapacitywillreachanestimated11.4billiongallonsperyear.InhislatestStateoftheUnionaddress,PresidentGeorgeW.Bushcalledonthecountrytoproduce35billiongallonsofrenewablefuelayearby2017,nearlyfivetimesthelevelcurrentlymandated.Thepushforethanolandotherbiofuelsh
6、asspawnedanindustrythatdependsonbillionsofdollarsoftaxpayersubsidies,andnotonlyintheUnitedStates.In2005,globalethanolproductionwas9.66billiongallons,ofwhichBrazilproduced45.2percent(fromsugarcane)andtheUnitedStates44.5percent(fromcorn).Globalproductionofbiodiesel(mostofitinEurope),ma
7、defromoilseeds,wasalmostonebilliongallons.Theindustry'sgrowthhasmeantthatalargerandlargershareofcornproductionisbeingusedtofeedthehugemillsthatproduceethanol.Accordingtosomeestimates,ethanolplantswillburnuptohalfofU.S.domesticcornsupplieswithinafewyears.Ethanoldemandwillbring2007inve
8、ntoriesofcor
