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The consequences of corn ethanol, part one: higher food prices

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Ethanol fuel is grain alcohol blended with regular gasoline. The most common blend, 10% ethanol, 90% gas, accounts for about a third of the gas sold in America. The alcohol is now made mostly from corn. It's big business for American corn farmers. But some people are warning there are costs to the drive for ethanol, and we will all pay. Yesterday, dairy market forecasters warned that consumers can expect a sharp increase in dairy prices this summer. The milk futures market predicts that by June, the price paid to farmers will have increased 50% this year, partly due to increased costs of corn to feed their cows. But it's more than just cheese and milk. Rebecca Williams has the first of a two-part series on the hidden consequences of ethanol.

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