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Governor Rick Perry of Texas, representing a major livestock-producing state hammered by rising feed costs, has petitioned the Environmental Policy Agency to suspend half of the mandated level for blending ethanol in gasoline. The EPA has the authority under the Energy Independence and Security Act of 2007 to suspend all or part of the mandate for up to a year if there is a "significant renewable feedstock disruption or other market circumstance" and the administrator is supposed to respond to Governor Perry's petition by July 24.
Former US secretary of state Madeleine Albright and John Podesta, former chief of staff to President Clinton and CEO of the Center for American Progress, have urged rich world leaders assembled for the G8 summit in Japan to take action on the global food crisis, including rapid release of Japanese rice stockpiles imported mostly from the US. In an Op-Ed in today's Boston Globe they write:
A report in the Financial Times by John Thornhill leads with a remarkable quote from French President Nicolas Sarkozy warning the EU that he would block a proposed World Trade Organization (WTO) agreement on agriculture that would reduce European production incentives:
This post is joint with Tom Slayton, a rice trade expert and former editor of The Rice Trader
It has been a busy week in the rice markets following CGD's release on Monday of our note about how to puncture a speculative price bubble that threatens millions of people with malnutrition and worse (see Unwanted Rice in Japan Can Solve the Rice Crisis--If Washington and Tokyo Act ). On Wednesday our proposal was discussed at hearings on the world food crisis in both the House and Senate.
Sam Loewenberg at Politico has an interesting story that describes the odd coalition that has emerged in opposition to ethanol subsidies -- development and humanitarian NGOs, the livestock and food processing industries, and big oil. As Sam reports:
The headline-grabbing global food crisis has given the anti-ethanol crowd a rare opportunity to take up a legislative battle they thought they had lost.