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WORLD BANK. Children of the Corn: The Renewable Fuels Disaster. Deficit hawks, environmentalists, and food processors are celebrating the expiration of the ethanol tax credit. This corporate handout gave $0.45 to ethanol producers for every gallon they produced and cost taxpayers $6 billion in 2011. So why did the powerful corn ethanol lobby let it expire without an apparent fight? The answer lies in legislation known as the Renewable Fuel Standard (RFS), which creates government-guaranteed demand that keeps corn prices high and generates massive farm profits. Removing the tax credit but keeping the RFS is like scraping a little frosting from the ethanol-boondoggle cake.
The RFS mandates that at least 37 percent of the 2011-12 corn crop be converted to ethanol and blended with the gasoline that powers our cars. The ethanol mandate is causing corn demand to outstrip supply by more and more each year, creating a vulnerable market in which even the slightest production disturbance will have devastating consequences for the world’s poor. PSD Online - Home. Official Website of Iowa Corn. After Three Decades, Federal Tax Credit for Ethanol Expires. Corn Ethanol Subsidies May Be in Jeopardy.
[1109.4859] The Food Crises: A quantitative model of food prices including speculators and ethanol conversion. 1108.2455v1. UPDATE February 2012 — The Food Crises: Predictive validation of a quantitative model of food prices including speculators and ethanol conversion. Www.necsi.edu New England Complex Systems Institute 238 Main Street Suite 319, Cambridge, MA 02142 Phone: 617-547-4100 Fax: 617-661-7711 Cite as: M. Lagi, Yavni Bar-Yam, K.Z. Bertrand, Yaneer Bar-Yam, UPDATE February 2012 — The Food Crises: Predictive validation of a quantitative model of food prices including speculators and ethanol conversion.arXiv:1203.1313, March 6, 2012. Abstract Increases in global food prices have led to widespread hunger and social unrest—and an imperative to understand their causes.
NECSI Food Price Update Warns of Crisis by 2013 CAMBRIDGE (March 6)--According to a new study from the New England Complex Systems Institute the next food price bubble will occur by 2013. "The food price bubble of 2011 caused widespread hunger and helped trigger the Arab spring. According to the new study, the next food price peak will take place in about a year. NECSI’s latest findings reveal that the model from their 2011 paper still fits food price price trends. Press contacts.