Biofuel's Cost Torpedoes Navy Budget

Facing massive cuts to the defense budget, the U.S. Navy is being used to prop up the failing biofuel industry by converting the fleet to run on the so-called "green fuel" at $26 a gallon. Failure to cut federal government spending by last year's Budget Supercommittee triggered automatic cuts to the defense budget estimated at some $600 billion over ten years. These cuts come on top of $400 billion in cuts over ten years under former Defense Secretary Robert Gates, and an additional $100 billion in cuts over ten years demanded by the Obama Administration. Coming on the heels of our involvement in two major wars over the last ten years which left our military with worn out equipment and exhausted troops, military officials, defense industry leaders, and various congressmen have warned of the dire consequences such cuts could do to hollow out our military force. There is no question that the DoD faces a dire situation as the defense cuts proscribed under last year's budget deal were...(Read Full Post)