Thursday, November 20, 2008

Biofuels not to blame for high food costs, says biofuel exec

Consumers and officials are pointing their fingers at the wrong people, say biofuel execs in a story published yesterday at Meat & Poultry.

"American consumers should not be fooled by ongoing attempts to misplace blame for this year’s rise in food prices on biofuels," said Jim Greenwood, president and CEO of Biotechnology Industry Organization.

Studies by the United States Environmental Protection Agency and Purdue University clear the biofuels industry of these charges, Greenwood said. Indeed, the BIO executive adds that the biofuels industry has suffered, as well.

"While agribusiness companies have been impacted by the rapid rise and fall of grain prices, so have biofuel companies."

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