When the U.S. congress passed The Energy Independence and Security Act (EISA) in 2007, it is
highly unlikely they anticipated triggering a cereal grain price jump of 67.4%,
or that the rising food prices that resulted from the passage of the bill
would end up plunging
nearly 70 million people into extreme poverty.
What prompted the EISA? In theory at least, it was the
desire to reduce dependency on foreign oil, scale back greenhouse gas emissions
and keep the price of gas down. None of these are bad ideas. While I am as
easily attracted to conspiracy theories as the next guy, I doubt the
average elected representative planned on starving the third world to reduce
U.S. gas prices.
But the unintended consequences of the Act have caused and
continue to cause near-incalculable damage. This is where wisdom comes in.