Council of Councils
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Introduction
Over the last several decades, governments have collectively pledged to slow global warming. But despite intensified diplomacy, the world is already facing the consequences of climate…
Surprising fact du jour
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In 2009, the US expects 33% of the corn it produces will go to biofuels. The FT:
In Chicago, spot corn hit a record high of $6.43 a bushel and corn for delivery next year – by which time the US forecasts that about 33 per cent of its corn crop will be consumed by the biofuels industry – hit a high of $6.97 a bushel.
Given how much corn the US Midwest grows, that strikes me as a lot.
Update: Economics of contempt -- in a comment -- argues that the US biofuels industry is set to consume at least 13% of global corn production.
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