Something happened on the way to bio-fuel heaven for farmers and producers of ethanol.A little thing called the law of supply and demand:The ethanol boom of recent years -- which spurred a frenzy of distillery construction, record corn prices, rising food prices and hopes of a new future for rural America -- may be fading. A Glut of Ethanol Only last year, farmers here spoke of a biofuel gold rush, and they rejoiced as prices for ethanol and the corn used to produce it set records. But companies and farm cooperatives have built so many distilleries so quickly that the ethanol market is suddenly plagued by a glut, in part because the means to distribute it have not kept pace. The average national ethanol price on the spot market has plunged 30 percent since May, with the decline escalating sharply in the last few weeks.At least it shows that capitalism is alive and well in America in the 21st century. It's pretty impressive that after a just a couple of years, industry and entreprenurs...(Read Full Post)