In a new report issued by the World Bank, global food prices have jumped 29% in the past year, and are just 3% below the all-time peak hit in 2008.Beef prices will reach a record high in 2012. Hence Obama offering horse meat for human consumption.
Grains, in particular, are more expensive than ever, with corn prices up 53% in 2010 and another 28% in 2011. Wheat is up 47% and rice now at its highest level in more than two years.
Princeton researcher Tim Searchinger, in a column last week in the Washington Post, argued that bio-fuels — both corn-based ethanol in the U.S. and biodiesel, which depends on palm oil, elsewhere — now consume more than 6.5% of the world's grain and 8% of its vegetable oil. In 2011, that soared another 8.8%.
Recall that the Obama administration is working hard to pump more billions into the Iowa corn farmers. And wasting billions more on bankrupt 'green' tech companies. Obama's EPA just increased levels of Ethanol in gasoline to a full 15%.
Green tech is not soylent green tech, its taking food from the mouths of babes. Swapping food for fuel is one definition of insanity.
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