Green Daily

Interested in what renewable magnificent renewable energy projects you invested in through your tax dollars and lost purchasing power through inflationary spending? Well, the numbers are in for 2007 -- and they're not too pretty. Instead of going for a well-rounded approach to a renewable energy policy, two-thirds of all federal renewable energy subsidies and over three-quarters of tax credits all went to one industry. The least efficient one: ethanol.

From an optimistic standpoint, that means that a whole 24% of renewable tax credits along with 33% of renewable energy subsidies didn't go to king corn ethanol producers -- who (coincidentally?) are dropping like flies right now. How's that old saying go ... 'close enough for government work?' Since the heyday of corn ethanol, gas prices have made a historic plunge to less than $39 today, and information about ethanol's footprint has made it's way to the main stage. Hopefully, the numbers for 2008 saw a little more balance, although it's hard to say. As much enthusiasm as I saw in the solar and wind industries, oil prices in the first half of '08 made ethanol seem like a panacea.

[via Treehugger]