- The release states that in the US for 2008, biofuels will have displaced the use of 5% of all petroleum.
- This 5% decrease in demand amounts to a $0.20 to $0.35 reduction in price at the pump for petroleum products.
Other good quotes from the release:
Today’s Biofuels Account for Only a Small Percentage of the Increase in Global Food Prices.
- Higher oil and gas prices leading to increased costs of fertilizer, harvest, and transportation
- Increased demand as developing countries grow and people improve their diets
- Two years of bad weather and drought leading to poor harvests in parts of the world
- Export restrictions imposed by some countries