Ethanol production hit an all time high last week, according to the latest figures from the Energy Information Administration.
For the week ending December 2, ethanol production averaged 954,000 barrels per day (b/d) – or 40.068 million gallons daily, which is 24,000 barrels more than the previous week and a new record. Getting close to the end of the year now, the four week average for ethanol production stood at 929,000 b/d, which translates to an annualized rate of 14.25 billion gallons.
Gasoline demand for the week averaged 360 million gallons daily. Expressed as a percentage of daily gasoline demand, daily ethanol production was 11.63%.