A number of recent news stories have portrayed biofuels, primarily corn ethanol, as a leading cause of global food price increases. As builders and supporters of our renewable energy industry, this is a matter we take very seriously. It’s important to have good information so we can understand the impacts of our energy choices.
According to leading commodity experts and economists, biofuels are receiving undue blame. In fact, the food price increases are the result of many complex factors, mainly increased demand for agricultural products in emerging markets (especially China and India), a weak U.S. dollar relative to other currencies, and the rising costs of fuel for producing and transporting crops. In addition, weather-related production decreases worldwide have resulted in less overall supply.
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Sunday, May 25, 2008
A closer look at biofuels and food prices
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