Demon Ethanol's Great Disruption: It Threatens to Push 100 Million People Back Into Poverty
The U.S. government has claimed that biofuel demand is responsible for only 3% of the increase in global food prices over the past year. But a recent World Bank report estimated that figure to be 75% once the resulting economic changes, such as shifts in land use, are considered.
High prices hurt poor, import-dependent nations the most. The price hikes of the past three years threaten to push 100 million people back into poverty, according to the World Bank, erasing seven years of progress.