Flameout: Corn-Based Ethanol

From PIMCO here:

For PIMCO, these conclusions about ethanol play a role in economic forecasting, because foreign oil’s dominance of U.S. energy consumption – and ultimately its price – has broad implications for U.S. and global commodity prices, growth and inflation. While some suggest ethanol could be a potential solution to this mounting problem, we don’t believe it will have any meaningful impact on oil supply and demand over our medium to long-term economic forecasting horizon.