The evidence linking biofuel production to rising food prices can't be ignored. Between the start of 2002 and early 2008, basic global food commodity prices rose by 220%. The global production of biofuels - ethanol and bodiesel - rose from less than 8m gallons in 2004 to an estimated 18m gallons in 2008. The most rapid increase has been in the production of ethanol derived from corn in the US: rising from about 3.5m gallons in 2004 to an estimated 9m in 2008. This year ethanol production is forecast to consume 30% percent or more of 2008's entire US corn crop. Because of the surging price of agricultural commodities, Josette Sheeran, the executive director of the World Food Program, has warned that a "tsunami of hunger" is sweeping through the poorer countries of the world. Robert Zoellick, the president of the World Bank,...
[read full story]
Your Web Site
