As the state’s auto industry takes one hit after another, Michigan residents now have one more reason to consider heading back to the farm, corn-based ethanol. Today’s cover story in the Lansing State Journal looks at how corn may change the face of automotive fuel.
The rising emergence of ethanol-producing plants here in Michigan are causing motorists, farmers, and government officials all to sit up and take notice. The state’s second-largest industry, agriculture pulled in $61 Billion last year, and stands to radically grow with increased demand for corn.
Economists credit ethanol with raising average corn prices more than a $1 a bushel in the past year. If crop yields stay stable, that means the harvest of an 80-acre corn field this fall could be worth nearly $40,000 more than in 2005.
Even with the good news, an MSU study released last month explains how this boom could negatively affect the price of other things like how much you pay for that steak.