There is definitely a trickle down effect where the price of food is based on the price of oil. Also, when it comes to meat, it takes 9 pounds of corn to make 1 pound of cow. (but a 13:1 energy in:energy out ratio comes to mind). Don't get me started on the wet milling process required to make corn products into xanthan gum, corn oil, natural raspberry flavor, and the hundreds of other corn derivatives that you read on the ingredients label of just about every processed food. Oil goes down, corn prices go down, food prices go down. Due to the energy hungry nitrogen fixation process required to make the fertilizer so rich in energy it can be used to make bombs (see the Oklahoma city bombing for the effects a van-load can have), corn has been described as being "edible oil", due to it taking 2 calories of oil energy to create 1 calorie of corn energy. The cost of corn is very very very dependent on the cost of oil.
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