Quote:
Originally Posted by Cranky
You hit the nail on the head....and we're paying for it all the way to the grocery store too with high grain prices. Food for fuel just doesn't make sense to me....
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You're from Houston eh? Big oil town. Cool.
Hey why don't you mention the countless other things that use corn? Why don't you back up your claims with some documentation?
A
World Bank policy research working paper released in July 2008 concluded that "...large increases in biofuels production in the United States and Europe are the main reason behind the steep rise in global food prices", and also stated that "Brazil's sugar-based ethanol did not push food prices appreciably higher". However, a
2010 study also by the World Bank concluded that their previous study may have overestimated the contribution of biofuel production, as "
the effect of biofuels on food prices has not been as large as originally thought, but that the use of commodities by financial investors (the so-called ”financialisation of commodities”) may have been partly responsible for the 2007/08 spike." A
2008 independent study by OECD also found that the impact of biofuels on food prices are much smaller.
How's your oil well pumpin'?
