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Obama shifting into reverse…

February 10, 2011

Obama wanted to stop drilling for oil and start looking for ways to go ‘green’.  So he decided to start pushing for ethanol fuel using corn. Looks like that idea is going to just make things worse, like everything else he touches…

 

Higher food prices ahead as corn reserves sink

 

Americans should brace for higher food prices this year now that demand for corn has pushed U.S. supplies to their lowest point in 15 years.

Higher projected orders from the ethanol industry sent corn futures soaring today, as corn supplies became the latest commodity to plummet. Low levels of wheat, coffee, soybeans and other food staples have already sent prices surging on the global market.

As those reserves decline, U.S. food companies are warning of retail price increases.

More here.

 

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