On Tuesday, POET CEO Jeff Broin participated in the launch of Growth Energy, a new group of America's ethanol producers dedicated to growing America's economy through cleaner, greener energy. The launch was at the National Press Club in Washington, D.C.
As proof that the group wants to be an agressive, fresh voice in the energy debate, Growth Energy's first initiative as to challenge the Grocery Manufacturer's Association (GMA) to explain their deceptive attacks on biofuels earlier this year. The GMA had claimed that because ethanol's impact on food prices had caused them to raise their prices to the consumers. But corn has lost more than 50 percent of its value in the past four months and food prices are continuing to rise, proving their claim false.
In a white paper, Growth Energy indicated that the GMA faced a difficult choice: admit they were wrong about ethanol being the leading driver of food costs (and keep today's high prices), or stick to their script (and lower their prices appropriately).
At this point, there hasn't been much from the GMA and they certainly haven't answered that qutesion. A food industry economist said that food prices have an 18-24 month lag, which is a point they conveniently left out when corn prices were on the way up. Here's a video the new organization played during the launch:
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