Drought across the country has led to spiking corn prices, forcing a growing number of ethanol plants around the country to temporarily close down. As a result, there is a growing call for suspending a federal mandate on biofuel and freeing up corn for feed.
In a statement Tuesday, the G-7 nations warned of the risks "posed by elevated oil prices." Demand for gasoline usually starts to wane at the end of the summer but right now gasoline prices are hitting new highs. Oil prices are surging because of tensions with Iran and the ongoing concerns about Hurricane Isaac.
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