Sunday, November 2, 2008
VeraSun Filed for Bankruptcy
--One of the largest ethanol producers annouced Friday it filed for banktrupcy. --It is another victim of credit crisis and commodity bubble. It locked agreements to pay for corns at $6.75 to $7 a bushel. But corn futures dropped t o$4 bil. And ethanol oil priced beause crude oil droped more than half. --VeraSun produces about 1.64bn gallons of ethanol annually. It operates 16 facilities in eight US states. --The world consumes about 36.5bn litres of ethanol a year compared with 1,200bn litres of gasoline and 1,100bn litres of diesel fuel.