Food Prices to Rise Another Five Percent
I heard this on ABC news last week that food prices were rising still higher, another five percent, due to corn production for ethanol. But it’s not because of rising prices of corn overall. It’s due to high oil prices.
The following is very good report about this: http://www.ncga.com/news/notd/pdfs/061407_EthanolAndFoodPrices.pdf
One thing I noticed in this article was about the huge increase in ethanol production reported. Is anybody else finding these ethanol pumps, because I’m not locating a whole heck of a lot?
Oil prices just dropped a little so our food should be cheaper for awhile too, otherwise this equation isn’t working. Or is the oil price drop just a facade for the election? If so, and rising food prices are relative to oil, then we know what we’re in for after the election.
And what about the rest of the world that is in starvation mode because of corn? I’m going to have to look that one up. Is much of the world’s starvation due to high oil costs, or high corn costs? Either way it’s just not right.