Oil prices, biofuels production and food security: past trends and future challenges
Using US and global data we estimate auto-regressive models of US and global food prices as a function of oil prices, GDP per capita and biofuels production. Our model results show: (1) biofuels production and crude oil prices have a statistically significant effect on food prices in the US and globally; (2) during the global food price spike in 2008, increases in US biofuels production and the US crude oil price accounted for 38 and 41 %, respectively, of the increase in US food prices; (3)...[Show more]
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