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M ichael Bloomberg succumbed to political temptation, the clearest sign so far that he will run for president. The former mayor of New York flew to Iowa, threw his face to the ground and apologized to the barons of ethanol that he had previously criticized.
Of course, the humiliation was more subtle. But while Bloomberg never left his feet, the groping was undeniable. He said "Ethanol and biofuels are part of the energy mix".
These words are not out of the ordinary from a politician seeking support in Iowa. Ethanol is a $ 5 billion industry and a sacred cow in the state of Corn Belt. Most of this money comes from a federal grant called the Renewable Fuels Standard and explains exactly why Bloomberg's comments are so important.
Until recently, Bloomberg was one of the most courageous politicians. He did not bow to the ethanol industry, unlike everyone else, from Hillary Clinton to Mitt Romney (but not Iowa 2016 winner Ted Cruz). Bloomberg has condemned maize subsidies for cronyism, global food shortages and pollution. It was not a fleeting thing either.
The New Yorker has been championing these ideas for over 10 years, as I said yesterday:
Bloomberg said in an interview with MSNBC in 2007 that ethanol subsidies were a bad energy policy " unless you try help the locals of Iowa and not me. He continued the following year by condemning food shortages in developing countries caused by growing corn as fuel rather than food. Subsidized ethanol, said Bloomberg at the World Science Summit, was "a moral bankruptcy."
Bloomberg was not wrong, as I indicated on Tuesday:
Ethanol production regularly engulfs up to 40% of the nation's corn, making animal and human nutrition more expensive. According to the EPA's own analysis, it has resulted in an increase in fuel costs of up to $ 3.4 billion since 2014. And this could even increase emissions, according to the Congressional Budget Office.
Bloomberg threw the moral heights. His conversion to ethanol will help him avoid immediate criticism and cover a bit if he attended the first Iowa caucus in the country. This will not win him any respect, however, as his new beliefs about biofuels are identical to those of all others. And like any other politician, Bloomberg just proved that he would say no matter what to become president.
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