Washington – Tom Buis, CEO of Growth Energy, released the following statement on the news that Kraft’s profits rose 10 percent to $660 million in the first quarter:
“Today Kraft announced that its profits increased 10 percent, in part due to price hikes on consumers, even as putting food on the table got harder for more and more Americans. It’s been 175 days, nearly six months, since Growth Energy launched its countdown clock challenging food manufacturers to lower their prices on consumers and stop using ethanol as a scapegoat for food price hikes. Since last summer, commodity prices, including those for corn and energy, have fallen drastically, proving that the claims of the highly profitable food industry have no basis in reality. Ethanol is not to blame for food price increases. Since last summer, expert after expert and study after study, including one by the non-partisan Congressional Budget Office (CBO), has shown that ethanol was not the driving factor behind food price increases, energy was. Big Food should admit to the fundamentally flawed argument it made about biofuels last year, or give American families some relief at the supermarket. Our countdown clock is still ticking.”
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About Growth Energy
Growth Energy is a group committed to the promise of agriculture and growing America’s economy through cleaner, greener energy. Growth Energy members recognize America needs a new ethanol approach. Through smart policy reform and a proactive grassroots campaign, Growth Energy promotes reducing greenhouse gas emissions, expanding the use of ethanol in gasoline, decreasing our dependence on foreign oil, and creating American jobs at home. More information can be found at GrowthEnergy.org.