Food versus Fuel

Is the increasing demand of ethanol causing food prices to rise?

No. According to independent analysts, a combination of factors such as the increasing cost of oil, demand for richer diets in China and India, weather-related disasters shorting crop supplies, and unprecedented speculative investment in commodity markets all dwarf the role that ethanol plays in food prices. Further, at today’s current oil prices, the U.S. transfers more than $1 billion in wealth per day to foreign oil suppliers, paying a tax hurting every sector of the American economy.

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