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BP Not Satisfied With Ruining Gulf, Now Set to Ruin Agriculture

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BP-LEEEEEZE...
DailyFeed
Now that BP has poisoned the Gulf of Mexico, BP Biofuels North America agreed to pay $98.3 million for Verenium Corp's cellulosic biofuels business so the company can concentrate on how to destroy US farmland as ably as it turned US waters into a veritable dead zone.

Shares of Verenium, which will keep its commercial enzyme business, surged the most since they started trading in February 2000, according to Bloomberg.

BP wants to produce ethanol from switchgrass, wood chips and agricultural waste, "as an alternative to biofuels from food crops such as corn," the report says. And surely, BP will eventually figure out a way to screw that up just as badly as it screwed up its offshore drilling operations.

But, "the technology for affordable production of non-corn ethanol remains uncertain," Joe Glauber, the U.S. Department of Agriculture's chief economist said in April.

Well, of course it does--corn ethanol only exists because ADM et al have lobbied for agricultural subsidies (and have more-than willingly taken them) since the beginning of time.

If switchgrass growers and wood chip manufacturers were the recipients of such grotesque corporate welfare currently funneled to some of the largest, richest corporations in the country, perhaps non-corn ethanol could be produced affordably.

Guess they just need better lobbyists. Oh well.
POSITION:  No positions in stocks mentioned.
TAGS:  BP, ETHANOL, VERENIUM    SOURCE:   Bloomberg
TICKERS:  NYSE:ADM, NYSE:BP, NASDAQ:VRNM   

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