Since being re-elected, in a triumph of political loyalty over consumer protection, President Obama has refused to waive the federal requirement that 13 billion gallons of corn-based ethanol be blended in 2013 with gasoline. In making that decision on November 16, Mr. Obama brushed aside evidence that dedicating corn to ethanol, rather than to animal feed and other food uses, has contributed to a rise in prices. Corn prices are up nearly 40 percent over the past year, and wheat prices are up by 20 percent. One apparent consequence: prices for corn-fed meat are on the rise. U.S. beef is now $4,900 per ton, up from $3,900 in 2009. To Read More….
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