You don’t have to be an economist to understand why the ethanol sector is driving food prices higher. This year, about 4.3 billion bushels of corn will be converted into motor fuel, according to Bill Lapp, president of Advanced Economic Solutions, an Omaha-based commodity consulting firm. That means that nearly 37 percent of this year’s corn crop, which Lapp estimates to amount to about 11.6 billion bushels, will be diverted into ethanol production. Read more by Robert Bryce
http://www.slate.com/articles/news_and_politics/food/2012/07/drought_and_ethanol_how_congress_mandates_and_the_epa_s_new_policy_are_hurting_americans_.single.html
http://www.slate.com/articles/news_and_politics/food/2012/07/drought_and_ethanol_how_congress_mandates_and_the_epa_s_new_policy_are_hurting_americans_.single.html