A study funded by the ethanol industry found there is no direct link between the country’s renewable fuel policy and higher food prices.
The report, released by ABF Economics, said the country’s Renewable Fuel Standard — an 8-year-old law that requires refiners to produce alternative fuels to help reduce the country’s dependence on foreign energy – is only one factor behind the increase in corn prices. Commodity market speculation, expanding global demand for food and agricultural commodities are among the other contributing factors.
CORALVILLE COURIER EDITOR'S NOTE: A study funded by the ethanol industry....... This defies common sense and the laws of supply and demand. We're tolerating the taking of food out of the food supply and turning it into fuel. This so-called study is an insult and isn't worth the paper it's printed on. Sheer spin.