In 2008, 30-35 percent of corn production was planned to be diverted for ethanol production. In 2008, a bipartisan letter, cosigned with 58 House members, was sent to the Administrator of the EPA calling for the promotion of advanced biofuels that do not contribute to food price inflation or create new environmental concerns.
“Today, nearly 40 percent of US corn production is diverted from food and feed to produce more than 13 billion gallons of corn ethanol,” adds Faber. Many experts have confirmed the link between corn ethanol and higher commodity prices, including researchers at the Congressional Budget Office and the US Department of Agriculture, says Faber.