The Corner

Biofuels Push is Driving Up World Food Prices

That’s according to a new report from the Department of the Obvious: 

Biofuels have forced global food prices up by 75% – far more than previously estimated – according to a confidential World Bank report obtained by the Guardian.

The damning unpublished assessment is based on the most detailed analysis of the crisis so far, carried out by an internationally-respected economist at global financial body.

The figure emphatically contradicts the US government’s claims that plant-derived fuels contribute less than 3% to food-price rises. It will add to pressure on governments in Washington and across Europe, which have turned to plant-derived fuels to reduce emissions of greenhouse gases and reduce their dependence on imported oil.

Amazing. Who would have thought that converting a third of the U.S. corn crop into ethanol would have an impact on food prices?

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