Why Ethanol Production Will Drive World Food Prices Even Higher in 2008
Contributing Organization(s): Earth Policy Institute
Author(s)/Creator(s): Lester R. Brown
Publishing Date: 2008-01-01
Issue Areas: Energy and Environment; Economic Development; Poverty and Hunger
Ownership/Rights Info: Please consult the copyright holder before using or repurposing this information.
We are witnessing the beginning of one of the great tragedies of history. The United States, in a misguided effort to reduce its oil insecurity by converting grain into fuel for cars, is generating global food insecurity on a scale never seen before. The world is facing the most severe food price inflation in history as grain and soybean prices climb to all-time highs. Wheat trading on the Chicago Board of Trade on December 17th breached the $10 per bushel level for the first time ever. In mid-January, corn was trading over $5 per bushel, close to its historic high. And on January 11th, soybeans traded at $13.42 per bushel, the highest price ever recorded. All these prices are double those of a year or two ago.
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Available at: http://www.earthpolicy.org/Updates/2008/Update69.htm
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