Credit: Jon McIntosh
Politics continue to complicate energy policy.
When the New York Mercantile Exchange closed the day before Thanksgiving, a barrel of crude oil cost over $97, roughly matching the inflation-adjusted record high set in 1980.
As the baleful effects of soaring oil prices ripple through the economy, the quest for an oil substitute becomes political, especially when presidential candidates stumping in Iowa before the caucuses have to pledge to preserve or expand subsidies to the corn-based U.S. ethanol industry.
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