Americans should brace for higher food prices this year now that demand for corn has pushed U.S. supplies to their lowest point in 15 years.
Higher projected orders from the ethanol industry sent corn futures soaring Wednesday, as corn supplies became the latest commodity to plummet. Low levels of wheat, coffee, soybeans and other food staples have already sent prices surging on the global market.
As those reserves decline, U.S. food companies are warning of retail price increases.
We need to develop our own extractable fuel resources and to use farmland to produce food and not fuel.
[i]The ethanol industry’s projected corn orders this year have risen 8 percent, to 13 billion bushels, after record-high production in December and January, the Agriculture Department said Wednesday[/i]
What clearer picture can be provided as to how Fed Govt policies can horribly distort markets, create global economic distress, and ensure misery for hundreds of millions. All to pay homage at the altar of “green energy”, using foodstocks to create ethanol to blend with gasoline.
And it does not stop there: we are subsidizing the biodiesel market which among other feedstocks uses beef-fat to make biodiesel. This inserts a demand into this industrial chain that will drive the costs of plastics, pharmaceuticals, and many other every-day items. Again, to genuflect at the altar “green energy”.
So we shall all pay for this fuelishness……..
Please don’t toss the baby out with the bathwater. Ethanol is to “green energy” as ice is to Coca Cola. They get lumped together in our minds but are not the same thing, nor is the first necessary for the latter.