Oct 03 2008
Nestle CEO Misses Point
Nestle Chairman Peter Brabeck-Letmathe says that rising oil prices force farmers to grow more corn for biofuels, which raises commodity prices. But he won’t admit that rising oil prices are responsible for making nearly every other aspect of producing food products more expensive. The Chairman said:
“Most important, of course, is the oil price, because through oil you have an impact” on agricultural producers,” Brabeck said.
Too bad food companies won’t be honest with Americans about why their food costs more. Rising oil prices, not biofuels.
I wish someone would ask the chairman of Nestle this question: “Now that corn prices have dropped by almost 50 percent in the last couple of months, do you plan to drop your prices?”