We’ve all heard that oil company owners and execs are making record profits while they keep jacking up gasoline prices. Now the newest bunch of malarky is that food prices are high because so much food is being used for ethanol. More lies, more distortions. On top of this, what most people don’t know is that Big Agriculture is making record profits just like their oil buddies.  Consider this:

Agriculture giant Archer Daniels Midland feels for you, it really does — but gee, its profits jumped 42 percent this quarter, so it can’t really empathize. ADM’s grain-processing division is doing lively business keeping up with the bumper corn crop. And, they’ll have you know, high food prices are due to high oil prices, not to the ethanol push. Backing away from biofuels would be “foolish,” “dangerous,” and an “empty gesture,” says ADM CEO Patricia Woertz, adding, “It won’t fill anyone’s stomach. It won’t fill anyone’s gas tank.” It won’t fill ADM’s jones for profits, people. You wouldn’t want that, would you? (grist.org)

A study by the Agriculture and Food Policy Center at Texas A&M University concluded that high corn prices have had little do with rising food prices. The Texas Farm Bureau pointed to a recent study that concluded eliminating the renewable fuel standard entirely would bring corn prices down by only 30 cents a bushel. Food prices have been affected more dramatically by the huge run-up in fuel costs as oil prices surged to records. “Oil at more than $115 per barrel not only drives up fuel prices but prices at the grocery store,” the Texas Farm Bureau said. “Distribution, manufacturing and packaging costs — escalated by the price of oil — play a much bigger role in rising food costs than the price of corn.” (Houston Chronicle)

Enjoy this Article? Get More in our Weekly Newsletter

Sign up to receive Weekly Health Tips + Special Product Offers - FREE!
PLUS, Get a Coupon for $5 OFF at our Online Store just for signing up!

Want to see some of our past newsletters before signing up? Click here.