Biofuels Increasing Food Prices

Biofuels Increasing Food Prices

 

Purdue University Economists for the Farm Foundation have found that:

  • The U.S. push to increase biofuels like ethanol is behind 2011 food price crisis
  • The demand for corn (used as biomass to make ethanol has rocketed
  • In 2005 16m acres was used to supply ethanol, whereas in 2010 it was 18.6m in the U.S.
  • In 2011, U.S. ethanol refiners are using more corn than livestock and poultry farmers.
  • In 2010, 27% of corn crop was used to provide ethanol compared to 10%
  • In 2011 the price of corn and oats is up by 30% – 40%
  • “We’re driving up food prices unnecessarily”
  • “If corn prices go up, wheat goes up. It’s all linked.” – Ken Powell, chief executive of General Mills
  • Soybean, and corn is in short supply globally, and even shorter in the U.S.

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