Just for a reality check on pellet raw material pricing: I heard recently that our local pellet mill is paying $50 per green ton for clean chips. That's a lot, considering that a lot of what they're buying is water. It puts the actual price per ton of pellet-ready fiber at closer to $100. The chips have to be dried, milled and pressed, and then packaged and shipped. Considering the high capital cost of a pellet plant, plus all the middle men involved, there's probably not a whole lot of profit left over, even with pellets selling in the $250+/ton range. In the case I'm talking about, it's about 50 miles from the logging job to the mill. So transportation of the raw material is obviously part of the price. And the guys making the chips are doing it with very energy-thirsty equipment with $5 per-gallon diesel. And then there are energy costs associated with processing and transporting the finished product. I was shocked to see pellet prices so high above $200/ton, but a lot of that (though probably not all) is simply to offset much higher production costs.