Insensitive Ethanol Rhetoric While it is still possible that this year's U.S. corn crop will be sufficient to satisfy all users, there is a growing list of doubters. Private predictions continue falling, with talk of another 1 billion bushels of demand needing to be rationed. Pressure on the ethanol industry to give way for food is growing. The industry has reacted by saying that drought -- not the Renewable Fuel Standard (RFS) -- is contributing to higher grain prices, and with the Orwellian comment that any increase in food prices will be offset by lower gas prices. That means that higher gas prices would be offset by lower food prices if not for the RFS. The bottom line is that gas is more elastic in demand than food, and the latter m...