E85 Boondoggle of the Day: Biofuels Drive Food Price Up 75%
According to the The Guardian, a [formerly] secret study completed by the World Bank has concluded biofuels are responsible for \75 percent of the recent run-up in world food prices. [A yet-to-be-released British Study reportedly came to the same conclusion, contradicting a U.S. government study concluding that food-for-fuel accounted for just two to three percent of that increase,] According to the British newspaper, the World Bank withheld the study to avoid embarrassing President Bush and the U.S. Government at next week’s [non-Pontiac] G8 summit, at which Uncle Sam has full veto powers (sort of like Ford Motor Company and the few fortunate recipients of Crazy Henry’s genes.) Leaders at the summit will be under pressure to cut back their biofuels mandates to avoid worsening the ongoing food shortage, which has been called “the first real economic crisis of globalization.” The truth will out?