Biofuels

The eco-love affair Washington has with biofuels is starting to take a toll on the fragile U.S. economy. It's a shame no one in the media have that connection. "World News with Charles Gibson" explained on February 20 that biofuels are driving up food prices, which is driving up inflation. The Consumer Price Index (CPI), a key inflation reading, rose 0.4 percent in January according to the…

Admission: over the course of my NewsBusting, I've actually developed a certain admiration for Bob Herbert. Not that I agree with virtually anything the NY Times columnist has to say, but that I appreciate his directness and the absence in his work of the superfluous sarcasm that marks that of a number of his colleagues.That said, I offer up Herbert's lament of this morning, "Where Are the Big…

Reporting what global warming skeptics have been saying for years, several media outlets on Friday acknowledged that biofuel production could do more harm than good when it comes to fighting "global warming."Two new scientific studies suggest clearing land to produce biofuel ingredients will contribute more to warming than sticking with fossil fuels because of the removal of carbon-consuming…

The Democrats were finally able to get something passed in Congress, a new energy bill that mandates car gas mileage and bans the incandescent light bulb, and on Wednesday’s CBS "Early Show," co-host Julie Chen described it as, "Congress's historic move to get rid of gas guzzlers." Co-host Harry Smith began the "historic" theme at the top of the show: Later this morning, the president will sign a…

The market is good for corn farmers right now. Corn prices are reaching highs because of the increased demand for food and as of late, the increased demand for corn-based ethanol. The price of corn is at an 11-year high. Its $4.38-a-bushel price tag is fueling food inflation, according to the December 17 "CBS Evening News." However, that's contrary to what CNN Chief Medical Correspondent Dr…

Following up on Al Gore’s reception of the Nobel Peace Prize, Carolyn Washburn of the Des Moines Register asked the Republican candidates several questions on the issue of "global climate change" and related topics. At the beginning of the debate, Washburn stated "we won't talk a lot about issues like Iraq or immigration. They're important issues, no doubt, but Iowans say they know where the…

Imagine seeing this prediction on your television screen: "Oil will hit $150 or $200 during this commodity bull market." Makes you want to stockpile oil while it is priced at $98 a barrel, but such was the case on CNBC today. Credit Billionaire Jim Rogers, described as a commodities guru and a founding partner with the infamous George Soros of the Quantum Fund in 1970. He told Maria Bartiromo…

A new study published in the journal Science last Friday concluded that the continued burning of oil-related energy products combined with the planting of additional forests is better for the environment than the manufacture and use of biofuels such as ethanol. In fact, the authors suggested that governments across the globe move away from biofuels as a global warming solution completely, and…