US ethanol plan causing food prices to surge: bank
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Attempts to reduce US dependence on imported oil by adding more ethanol to its gas tanks are only driving up food prices while delivering moot energy benefits, a Canadian bank warned on Monday.
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WASHINGTON -- A push from Congress and the White House for huge increases in biofuels, such as ethanol, is prompting the oil industry to scale back its plans for refinery expansions. That could keep gasoline prices high, possibly for years to come.
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As President Bush nominated Samuel Bodman as the nation&#39;s next energy secretary Friday, the US Department of Agriculture reported more of the nation&#39;s corn crop will be used for ethanol production this year.
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U.S. producer prices rose a  steeper-than-expected 0.5 percent last month as food prices  jumped, the government said on Tuesday, leading markets to  boost bets for another interest rate hike from the Federal  Reserve.
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Prices paid to US producers rose 1.7 percent last month, the biggest jump in 14 years, as higher energy and food costs suggested that inflation is picking up with economic demand.
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Because of rising demand for ethanol, American farmers are growing more corn than at any time since the Depression. And sea life in the Gulf of Mexico is paying the price.
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By Shannon Tompkins, Houston Chronicle  Feb. 22--The price paid to farmers for a bushel of corn jumped more than a third over the past year, with bushel prices on commodity markets going from a little over $2 to more than $4.
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Soaring energy costs and a surge in food prices contributed to a 1.7 percent rise in United States producer prices in October, the Labor Department reported today, the biggest gain in almost 15 years.
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Prices paid to US producers rose more than forecast in May, reflecting a fourth consecutive jump in fuel costs that might foreshadow a broader pickup in inflation.
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Surging energy costs drove US consumer prices up by a hefty and larger-than-expected 0.6 percent last month, the biggest jump since May, a government report showed on Wednesday.
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US inflation for all of 2007 hit the highest rate for 17 years, as surging energy and food costs pushed up prices.
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Oil rose to above $90 a barrel on Friday, lifted by a broader stock market rally as the United States confirmed an economic stimulus plan to ward off a recession in the world's top energy consumer.
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The average price of a gallon of gasoline has spiked 5 cents over the past two weeksin the United States, a national survey said Sunday.
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A big jump in energy costs sharply pushed up prices that U.S. manufacturers and wholesalers paid for goods last month, but outside of energy the inflation picture looked tame.
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ORLANDO, Florida  - House Speaker Nancy Pelosi promised U.S. farmers billions of dollars in disaster aid, along with research money toward new forms of ethanol, the renewable fuel spurring an economic bonanza for rural America.
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US consumer prices surged 0.6 percent in October, with higher energy costs fuelling fears of renewed inflation.
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U.S. producer prices jumped a bigger-than-expected 2 percent in November, the largest gain in more than three decades, on a spike in energy prices, a government report showed on Tuesday.