BIO: Oil Prices, Not Biofuels, Effect Food and Crop Prices Most in 2008

GrainNet.com
Date Posted: November 19, 2008

Washington—Consumers should be aware that the price of oil has had the greatest impact on crop and food prices during 2008 and that biofuels can help end U.S. dependence on petroleum while creating new green jobs and real economic growth.

Jim Greenwood, president and CEO of the Biotechnology Industry Organization (BIO), today released the following statement:

“American consumers should not be fooled by ongoing attempts to misplace blame for this year’s rise in food prices on biofuels.

"The evidence before consumers is clear: crop prices have fallen dramatically in the past few months as oil and gas prices have declined.

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