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Thread: Ethanol Goes Bust

  1. #1
    Banned Eric Stoner's Avatar
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    Default Ethanol Goes Bust

    Pacific Ethanol has gone into bankruptcy.
    Continuing the great "biofuel bust" of 2008-2009; California's largest ethanol producer has gone into Chapter 11.
    On the same day, Obama has announced plans to increase Federal CAFE ( Corporate Average Fuel Economy) standards to 35 mpg.
    This while one automaker is in Chapter 11 and another is on the way.

    Still not a finger lifted to switch Federal and state vehicle fleets to CNG or to require all new trucks and buses to run on CNG.
    Still no movement on the Pickens Plan.

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    God/dess Deogol's Avatar
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    Default Re: Ethanol Goes Bust

    This is gonna be a lot of fun to watch over the years.

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    Banned Melonie's Avatar
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    Default Re: Ethanol Goes Bust

    actually the entire state just went bust ...



    (snip)"California voters soundly rejected a package of ballot measures Tuesday that would have reduced the state's projected budget deficit of $21.3 billion to something slightly less overwhelming: $15.4 billion.

    The defeat of the measures means that Gov. Arnold Schwarzenegger and the state Legislature will have to consider deeper cuts to education, public safety, and health and human services, officials have said.

    Propositions 1A through 1E - which would have changed the state's budgeting system, ensured money to schools in future years and generated billions of dollars of revenue for the state's general fund - fell well behind in early returns and never recovered.

    The only measure that voters approved was Proposition 1F, which will freeze salaries of top state officials, including lawmakers and the governor, during tough budget years."(snip)

    The six ballot measures stemmed from a budget deal Schwarzenegger and legislative leaders brokered in February to close a nearly $42 billion budget shortfall through June 2010.

    Budget fixes included $17 billion in cuts, more than $12 billion in temporary tax increases, reliance on billions of dollars in federal economic stimulus funds - and asking voters to approve ballot measures to generate more revenue for the cash-strapped state.

    Despite all that, California's budget fell deeper into deficit as a result of plummeting revenue and rising costs. With the ballot measures trailing in polls, Schwarzenegger last week announced the state's shortfall could grow to $21.3 billion this summer if voters reject the measures.(snip)


    It now remains to be seen how the State of California, in the absence of an ability to increase tax rates as a result of yesterday's special election, now intends to trim 20 billion in spending !!!


    As to the bankruptcy of Pacific Ethanol, the only real 'losers' are the rich Californians who invested in PEIX as a tax minimizatio n strategy i.e. using ethanol production tax credits to avoid actually having to pay the 'official' tax rates on income from other sources.

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    God/dess Deogol's Avatar
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    Default Re: Ethanol Goes Bust

    On one of the John and Ken podcasts they sit and read out the name of every state level government agency in the California budget. It took them over half an hour to do so.

    But yet, when cut times come around, they want to go after the basics that a state should be providing anyhow.

    It sounds to me like there is plenty of junk in the budget that could be merged together and closed (or at least remain unfunded) other than police, fire, and other basic services the crooks in the state congress want to cut back on.

    There is going to be more excitement on this subject in the upcoming months!

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    Default Re: Ethanol Goes Bust

    Quote Originally Posted by Eric Stoner View Post
    Pacific Ethanol has gone into bankruptcy.
    Continuing the great "biofuel bust" of 2008-2009; California's largest ethanol producer has gone into Chapter 11.
    ...
    Still not a finger lifted to switch Federal and state vehicle fleets to CNG or to require all new trucks and buses to run on CNG. Still no movement on the Pickens Plan.
    Northeast Biofuels, near here, went bankrupt recently because of a design flaw (never got production up), sold their grain while it was still good. Now Sunoco has or is buying it. The ethanol plant was once a big Miller Brewery.

    While I was not a fan of ethanol as fuel due to depletion of cropland, thus raising food and animal feed prices, I am a fan of the Pickens Plan or something like it.

    If Detroit had pushed for greater fleet mileage, I doubt they would be in as dire a condition as they now are. I hope this additional regulation is not a burden as much as a goal for their success. But it is worrisome.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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    Default Re: Ethanol Goes Bust

    Quote Originally Posted by threlayer View Post
    Northeast Biofuels, near here, went bankrupt recently because of a design flaw (never got production up), sold their grain while it was still good. Now Sunoco has or is buying it. The ethanol plant was once a big Miller Brewery.

    While I was not a fan of ethanol as fuel due to depletion of cropland, thus raising food and animal feed prices, I am a fan of the Pickens Plan or something like it.

    If Detroit had pushed for greater fleet mileage, I doubt they would be in as dire a condition as they now are. I hope this additional regulation is not a burden as much as a goal for their success. But it is worrisome.
    I am against grain/ grown foods to fuel. I am for created bio fuels (you grow the algae to convert). In acre to acre production, grown foods cannot compete in the amount gained.

    With that said, why would you support the Pickens Plan when he wrote it only to benefit himself financially? And Pelosi (who bought tens of thousands of shares at cutthroat prices). Doesn't seem like you to support a rich billionaire.
    Quote Originally Posted by The Snark View Post
    But then I suppose the sort of people who write this kind of crap generally don't allow their opinions to be tainted by things like "facts" and "reality".
    Distortion becomes somehow pure in its wildness
    The note that began all can also destroy

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    God/dess threlayer's Avatar
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    Default Re: Ethanol Goes Bust

    Pickens Plan uses natural gas to fuel large fleet vehicles in the near term. For farther out it supports developing replaceable energy sources.

    I like it because it makes sense. A lot of people will benefit by the plan or any other way of reducing imported fuels and fossil fuels in general.

    You know, sometimes capitalists can be right. When they don't exploit others, I am for that system. His plan does help with the problem. You'll note that that oil man says, "we can't dig ourselves out of this one."and he is correct there.

    I think one weakness of the plan is an extreme dependence on electrical energy to distribute a lot more energy over an extended grid. We just don't have the energy corridors to do that. That will take a lot of development and probably land displacement which will be resisted.
    Last edited by threlayer; 05-27-2009 at 10:21 AM. Reason: note;extended
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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