In late April, 2020, as the pandemic descended on the US, demand for gasoline crashed to historic lows. Archer Daniels Midland (ADM), the agricultural commodities giant, decided to idle two of the country’s biggest plants producing corn-based ethanol mixed into oil-based fuels to reduce their carbon intensity. ADM’s chief biofuels rival, POET Inc., also shut down several plants. Overall, the bio-fuel accounts for about 10% of every gallon of gas pumped in the US.A year later, American drivers are back at the gas pump, and ethanol plants are back online. ADM re-opened its plants in early April; POET’s plants re-opened in August 2020 but only hit full production capacity in April. Then, just a
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