The Carpe Diem blog has a great graph of the profits of Big Oil v. the profits of Big Food. From '05 to '07, profits for Exxon Mobil are up 12% while profits for Monsanto are up 289% and for ADM up 107%.
So why are Congress and the press on Big Oil's back but not Big Food's?
Focus groups hate Big Oil but have never heard of Big Food. There are more farm states than oil states, more farm states represented by Dems, Dems control Congress and can demagogue the issue. For Presidential candidates (except McC), the Iowa caucus rules out any attacks on Big Ag. and, therefore, Big Food. The environmentalists hate Big Oil. They run the Dem Party, which controls Congress and can demagogue the issue. Folks who don't do the grocery shopping have no idea how bad food inflation has been. But those who don't do the grocery shopping do buy gas every other day.