Unfounded Claims Plague Congressional Hearing

WASHINGTON, DC — In response to Big Food’s testimony in today’s House Energy and Commerce Committee, Subcommittee on Energy and Power, hearing entitled, “Overview of the Renewable Fuel Standard: Stakeholder Perspectives,”  in which food industry executives falsely accused ethanol for increasing food prices, Tom Buis, CEO of Growth Energy, released the following statement:

“A critical fact that was absent from today’s testimony is that only three percent of the world’s grain supply is used in the production of ethanol. Furthermore, the true culprits behind rising food prices are the oil companies. A recent study by the World Bank, outlined how crude oil prices are responsible for 50 percent of the increase in food prices since 2004.

“The value of agriculture commodities represents only about 14 percent of consumer retail food prices. Furthermore, there was testimony before this very Committee over a month ago by USDA Chief Economist Joseph Glauber, who validated what we, in the biofuels industry, have been saying since the RFS was enacted – that the production of biofuels does not have any substantive correlation with the rising food prices.

“If Big Food wants to point a finger, it should be aimed at their buddies over at Big Oil.”

# # #

About Growth Energy
Growth Energy represents the producers and supporters of ethanol who feed the world and fuel America in ways that achieve energy independence, improve economic well-being and create a healthier environment for all Americans now. For more information, please visit us at www.GrowthEnergy.org, follow us on Twitter @GrowthEnergy or connect with us on Facebook.