USDA Chief Economist Notes Ethanol’s Minimum Impact on Food Prices

WASHINGTON, DC — In response to today’s House Energy and Commerce Committee, Subcommittee and Energy and Power hearing, which examined aspects of the Renewable Fuel Standard (RFS), Tom Buis CEO of Growth Energy released the following statement:

“Today’s testimony by USDA Chief Economist Joseph Glauber, validates what we in the biofuels industry have been saying since the RFS was enacted – that the production of biofuels does not have any substantive correlation with the rising cost of food prices.

“If the committee is truly interested in the culprits behind rising food prices they should look no further than oil companies. Today’s testimony comes on the heels of a recent study by the World Bank, which outlined how crude oil prices are responsible for 50 percent of the increase in food prices since 2004.

“Additionally, large food corporations, like oil companies are recording near record profits, while trying to use the RFS as a scapegoat as they increase prices at their own discretion at the pump and grocery store at the expense of the American consumer.”


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About Growth Energy
Growth Energy represents the producers and supporters of ethanol who feed the world and fuel America in ways that achieve energy independence, improve economic well-being and create a healthier environment for all Americans now. For more information, please visit us at www.GrowthEnergy.org, follow us on Twitter @GrowthEnergy or connect with us on Facebook.