Growth Energy, a new coalition of ethanol producers, led by ICM Inc., Poet Ethanol, Green Plains Renewable Energy and Hawkeye Energy made its debut in
In announcing the new organization, Growth Energy released a policy brief and the launch of an ad campaign designed to set the record straight on food prices. The group says that former U.S. House Speaker Newt Gingrich will be its spokesman.
"Big Food and their
The Grocery Manufacturers Association hired a public relations firm last spring to mount advertising and media campaigns aimed at blaming increased food costs on biofuels production, centering their premise on a claim that the increased price of corn forced food producers to raise food prices.
Growth Energy however, says the campaign has simply been used to deflect attention from Big Food's profit growth. Kraft revenues have increased nearly 20% this year and net income shot up to $1.4 billion in the fourth quarter of 2008. Sales at Kellogg's climbed 9.5% and third-quarter net income increase from $305 million last year to $342 million this year, the group says.
Joining Broin in making the announcement were Dave VanderGriend, chief executive of ICM; Wayne Hoovestol, chief executive of Green Plains; and Bruce Rastetter, chief executive of Hawkeye.
Rastetter said ethanol is helping
"The U.S. Department of Energy estimates that for every one billion gallons of ethanol produced, 10,000 to 20,000 jobs will be added," Rastetter said. "In 2007, the ethanol industry contributed $47.6 billion to the nation's GDP, created more than 200,000 jobs and generated an estimated $4.6 billion in revenues for the federal government."
The new group says it is committed to the promise of agriculture and growing