BIOFUEL BOOM MAY PUSH UP PRICES WITHIN EDIBLE OILS MARKET
July 1st, 2007
BY ANDREW CAVE THE DEVELOPMENT of biofuels and their impact on food crops has generated debate since Germany's Rudolph Diesel ran the world's first diesel engine on peanut oil in 1894. However, now a biofuels boom is moving global markets and one result is commodity crop price inflation. World economies are racing to find alternatives to fossil fuels and turning crops such as wheat and corn into ethanol or oilseed rape, soya, or palm oil into biodiesel are possible solutions. For traditional edible oil and other food industry users of such crops, having to ...
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