Forget the credit crunch for a moment. We are now in the early stages of a global “food crunch” that could have far more serious consequences. Take a look at the price of rice, a global food staple that feeds half the world.

Pump prices have hit a second year high at $3.32 a gallon.

The price of a gallon of gas, which according to a recent New York Times/CBS News poll caused Americans most concern when it came to the economy, has risen five cents since March 21.

Higher prices at the pump are due to the rising cost of crude oil and ethanol, according to the Lundberg Survey quoted on CNNMoney.

With startling Teutonic efficiency, it appears that the Germans will be the first country to cut their biofuels targets… I am pleased; very pleased.

With oil hitting new all time highs every day — it currently sits at $108 per barrel — natural gas will be called on, more and more.