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Last update: 1:42 p.m. EDT June 12, 2008Comments: 57SAN FRANCISCO (MarketWatch) -- As floods of near-Biblical proportions inundate Iowa, the prophets of ethanol are retreating to high ground.
Some of Wall Street's biggest guns downgraded ethanol producers on Thursday, sending shares plunging. Biofuel Energy Corp. (BIOF:biofuel energy corp com
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Last: 3.20+0.24+8.11%
1:47pm 06/13/2008
BIOF 3.20, +0.24, +8.1%) , one of those hit hardest, saw 20% of its stock value wiped out.
Even industry titan Archer Daniels Midland (ADM:Archer Daniels Midland Company
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Last: 32.77-0.75-2.24%
1:47pm 06/13/2008
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ADM 32.77, -0.75, -2.2%) was reeling, its shares down 7% as analysts took a hard look at how rising waters in the corn belt are drowning hopes of a bumper crop for the region's new, heavily subsidized ethanol plants.
www.marketwatch.com/news/sto...tory.aspx
Some of Wall Street's biggest guns downgraded ethanol producers on Thursday, sending shares plunging. Biofuel Energy Corp. (BIOF:biofuel energy corp com
News, chart, profile, more
Last: 3.20+0.24+8.11%
1:47pm 06/13/2008
BIOF 3.20, +0.24, +8.1%) , one of those hit hardest, saw 20% of its stock value wiped out.
Even industry titan Archer Daniels Midland (ADM:Archer Daniels Midland Company
News, chart, profile, more
Last: 32.77-0.75-2.24%
1:47pm 06/13/2008
Delayed quote dataAdd to portfolio
Analyst
Create alertInsider
Discuss
Financials
Sponsored by:
ADM 32.77, -0.75, -2.2%) was reeling, its shares down 7% as analysts took a hard look at how rising waters in the corn belt are drowning hopes of a bumper crop for the region's new, heavily subsidized ethanol plants.
www.marketwatch.com/news/sto...tory.aspx
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Re: Energy Independence Via Ethanol Floods Out
Fri, June 13, 2008 - 11:48 AMBio Fuel was a bad idea, its just another excuse to not invest in new technology.
Since the price of oil will not come down, and America finially gets to pay the price the rest of the world enjoys, we may begin to see investment in new energy sources.
Oil is needed for a lot more important things then to be wasted on transportation.
Besides China and India with their own Nukes are going to demand a lot more of it in the future, so we can fight with them over it, or find another way.
thank God a lot of the old money people are dieing off -
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Re: Energy Independence Via Ethanol Floods Out
Fri, June 13, 2008 - 12:50 PMBio fuel also has also meant that farmland that would have gone to your dinner plate is going into your SUV. Also, bio fuels will never catch up to the loss of oil resources that has already happened, not to mention future losses.
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