The Art of the Sell Side
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A boom in the production of biofuel was under way in 2007, where 75 refineries produced the biofuel ethanol from corn (maize). The construction was expected to double existing capacity and the demand for corn pushed its price so high that American farmers planted more land with the crop than they had in a generation.
Biofuel was perceived as a beneficial alternate to petroleum or other fossil fuels as the price of petroleum rose during the year to record levels and worldwide concern increased about how greenhouse gas emissions from petroleum derived fuels were contributing to climate change in the form of global warming.
Despite the perceived economic and environmental benefits, many critics were expressing concerns about the scope of the expansion of certain biofuels because of their potential to create new problems (Time Almanac,"Biofuels-The Next Great Source of Energy?," by Clarence Lehman, (2009) p.7).
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