OPEN LETTER TO G8 LEADERS ON RECORD PRICE OF OIL & FOOD PRICES "Biofuels are part of a broad solution to the world's dependence on oil" Dear Group of Eight Leaders: Unquestionably, the world is facing an unprecedented energy and economic crisis. Oil prices are at record highs, and despite Saudi Arabia's announcement that it is increasing production, experts warn that prices will only continue to soar reaching $150 to $170 within one or two months. Since the beginning of the year alone, oil is up 40 percent on the New York Mercantile Exchange. Not by coincidence, world food prices are also on the rise. Rice prices have more than doubled since January and corn prices are up 64 percent. Wheat prices have declined from the record levels set in February and currently are up 3.5 percent since the beginning of the year. And the...
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