There was some question lately about a leaked IMF report saying 70-75% of the recent precipitous rise in food prices was linked to the increasing use of food crops for bio-fuels. The IMF quickly came out and said that in fact it was a preliminary report. A months later, the report is out and says the same exact thing.
Grist has a good rundown on the report and the earlier hubbub.
The bottom line, however, is clear. We are facing the prospect of dramatic global warming and the possibility of having passed the peak supply of oil. We need alternatives, but policies based on money grabs by vested industrial industries, i.e. offshore drilling and crop based biofuels aren't going to be solutions. Just money grabs. We're subsidizing this process, encouraging it. Of course, we're also still subsidizing oil companies. It's time to stop.
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