General Motors is also the world leader in flex fuel technologies, with over 3 million flex fuel-equipped vehicles on U.S. roads today. Flex fuels represent the fastest way for the United States to reduce its dependence on imported oil.
As Romm says: “Uhh, no. Corn ethanol remains the worst energy policy idea of the past two decades with very limited potential to replace significantly more imported oil. Meanwhile, scalable, affordable cellulosic ethanol is not right around the corner.”
There’s something to the logic that if AIG is going to benefit from a horribly misimplemented bailout, and Citigroup is going to get a sweetheart deal, and corn farmers everywhere are going to benefit from ludicrous subsidies, that there’s no reason to arbitrarily exclude General Motors from the “giveaways to politically connected companies” bonanza. Especially considering that as we slide into recession, the liquidation of GM would be a big anti-stimulus. But still, I don’t think Jon Cohn people should labor under the illusion that these firms have “seen the light” in any serious way. And all that is before you consider that I’m not hearing any of these executives promising to back off their constant, furious lobbying for planet-and-economy destroying environment and infrastructure policies.