Sao Paulo - US finance tycoon George Soros said Tuesday that
he will invest 900 million dollars in the production of ethanol in
Brazil, and demanded that the United States and European Union open
their markets for the biofuel produced in the South American country.
Putting an end to barriers in developed nations would help
eliminate a 'paradox' that leaves an excess supply of ethanol in
Brazil and a 'hunger for biofuels across the world,' he said at the
Ethanol Summit in Sao Paulo. The seminar was aimed at sutyding the
global market for alternative fuels.
The United States produces ethanol from corn, while Brazil makes
its variant from more energy-efficient sugar cane. The two countries
together produce over 72 per cent of the world's ethanol.
Soros accused Washington of protecting US corn producers with its
tariffs on ethanol, regardless of efficiency in terms of energy. He
noted that the energy conversion of ethanol is tiny, and that sugar
cane delivers eight to nine times more energy per unit.
The Hungarian-born Soros, who made the bulk of his fortune through
financial speculation and is a bitter critic of US President George W
Bush, said he is now 'a speculator in ethanol.'
He said he hopes the issue of tariffs is solved, 'to make
investment in ethanol really viable.'
© 2007 dpa - Deutsche Presse-Agentur 
NoharnessJun 5th, 2007 - 20:46:22
George, you DO realize that you just laid your testicles out on an anvil, right? The Bushbaby's ethanol initiative is getting off the ground about as well as his hydrogen initiative.
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