Thursday, October 16, 2008

Greater Ohio Ethanol Latest to File Bankruptcy in Ongoing Ethanol Debacle

Another company bites the dust in the continuing exposure of the ethanol debacle in the U.S. The latest casualty is the Greater Ohio Ethanol company, which has filed for Chapter 11 bankruptcy.

As usual with the ethanol hoax, people let their emotions get in the way of facts, and they make terrible decisions. Unfortunately it's creating a false hope in many communities across the country which were counting on it to make a difference in where they live.

In this particular case, the amount of water needed to make the fuel was seriously miscalculated by half of what is being used, and that has pretty much destroyed the project and the hopes of the people that were counting on it. This is becoming the story across numerous communities in the U.S.

While chapter 11 bankruptcy is initiated in order to attempt to reorganize, the sounds of this is another company has foolishly entered into the ethanol fray without the understanding of the high costs of ethanol.

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