Another study indicates that our wonderful corn-to-fuel policies are making food much more expensive:
WASHINGTON, July 28 (Reuters) – Large increases in biofuels production in the United States and Europe are the main reason behind the steep rise in global food prices, a top World Bank economist said in research published on Monday.
World Bank economist Don Mitchell concluded that biofuels and related low grain inventories, speculative activity, and food export bans pushed prices up by 70 percent to 75 percent.
So other than being a massive taxpayer boondoggle and causing people to riot out of starvation, our corn ethanol subsidies are working out just great.
Recent comments from both the administration and Congressional Democrats on this issue have been less than inspiring — if not outright untrue. I've got a call in to Ed Markey's office — Markey is the Chair of the Select Committee on Energy Independence and Global Warming. I'm asking what the Congressional strategy is in response to the food crisis. I'm told they'll get back to me today.