Posted 7/04/2008 02:37:00 PM by Douglas

Why this story isn't on the front page of everything, I have no idea.

Biofuels have forced global food prices up by 75 percent -- far more than previously estimated -- according to a confidential World Bank report published in a British newspaper on Friday.

The assessment is based on a detailed analysis by Don Mitchell, an internationally respected economist at the Washington-based global financial body, the Guardian said.

The figure contradicts U.S. government estimates that plant-derived fuels have contributed less than 3 percent to food-price increases, the newspaper said.

If that sounds like bullshit, at least they're not the only one saying it:

Europe and the U.S. must reconsider their biofuel policies because of rising food prices around the world, aid officials and food policy experts said Thursday.

Speaking at an international conference on food supplies, many also warned that some countries' restrictions on agricultural exports were severely hindering access to food and called for more investment to increase food production in the developing world.

Well it's not like this has anything to do with gas prices, does it?

Oil's meteoric rise since the start of the year to nearly $150 has distressed consumers and policy makers the world over, but the stark reality is prices are likely to rise higher still.

It's all a rich tapestry, isn't it? Now for the dumbest quote of the day:

The Organization of the Petroleum Exporting Countries has conceded prices at current levels are expensive in relative terms, but the group's secretary general has also pointed out that per liter crude is cheaper than bottled mineral water.

Wow, that's dumb.