Milk prices may skyrocket to $7 a gallon
POSTED: Wednesday, December 26, 2012 - 4:12am
UPDATED: Thursday, December 27, 2012 - 11:18am
A stalled farm bill in congress may mean higher milk prices in the coming year. The price of milk could rise to as much as $7.00 a gallon if congress fails to pass a new farm bill.
Without last minute action, the government would have to follow legislation dating back to the Truman presidency which would force Washington to buy milk at inflated prices. As a result, that would create higher prices at the dairy case. The higher prices would be based on what it cost to produce milk in 1949 when it was practically done by hand.
The Senate passed a farm bill back in July of this year, but house leaders have yet to bring its version to the floor.