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But Will It Prevent Food Riots in the US?

Posted by feww on May 1, 2008

‘Clean’ Energy Scam: U.S. senator seeks to freeze ethanol requirement

ASHINGTON (Reuters) – Texas Republican Sen. Kay Bailey Hutchison is drawing up legislation to cap the U.S. renewable fuels requirement at 2008 levels – 9 billion gallons per year. Texas ranches are home to 2.8 million head of cattle. Cattle and poultry producers rely on grain for feed and have been hit hard by skyrocketing corn prices.

Texas Gov. Rick Perry petitioned the federal government to cut its renewable fuel requirement by 50 percent this year to break the vicious circle of grain price hikes.

Corn Belt lawmakers such as Iowa’s Republican Sen. Chuck Grassley, whose state farmers are profiting handsomely from the soaring grains prices, have vowed to combat any legislative attempt to reduce or postpone the renewable fuels mandate.

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A tiny sliver of transitional rain forest is surrounded by hectares of soybean fields in the Mato Grosso state, Brazil. (Caption: TIME). Photo:  John Lee / Aurora Select for TIME. (Image may be subject to copyright). See FEWW Fair Use Notice!

President [sic] George W. Bush said on Tuesday he is deeply concerned about high food prices but believes ethanol production is responsible for only a small part [sic] of food inflation.

“And the truth of the matter is, it’s in our national interest that we—our farmers—grow energy, as opposed to us purchasing energy from parts of the world that are unstable or may not like us.”

The new energy law calls for the production of 9 billion gallons of biofuel in 2008 and 10.5 billion gallons next year, and a rise to 36 billion gallons in 2022 – with ethanol supply from corn capped at 15 billion gallons.

About 26 percent of corn production would be diverted to make biofuel in 2008, according to the U.S. Department of Agriculture. The grain prices hit record highs breaking above $6.50 a bushel. (Source)

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One Response to “But Will It Prevent Food Riots in the US?”

  1. […] But Will It Prevent Food Riots in the US? […]

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