I am old enough to recall the expensive spike in gasoline prices in the 1970s. Turning excess grain into ethanol seemed like a great idea, but it took 20 years and $90 crude oil to make it happen politically. Here in the U.S., natural gas production is doing well, but clearly more oil production is needed, just as more energy from other sources like wind and solar is also needed. Does it seem crazy to anyone else that after a lifetime of hostility from Saudi Arabia and other oil producers, the U.S. holds back the most available help for both, energy prices and international threats? The buying and selling of grain or grain futures or options involve substantial risk and are not suitable for everyone.

Source: Wall Street Journal September 29, 2023 12:16 UTC