Oil prices have reached a new six-month high as Iran’s reduction of oil shipments to Europe is forcing American motorists to pay more for gasoline. In reaction, the American ethanol industry is telling consumers that higher blends of ethanol in motor fuel would reduce prices at the pump and reduce OPEC’s influence over our nation’s economy.
“American motorists are looking down the barrel of $5 a gallon gasoline this summer, all while foreign strongmen and dictators threaten to drive prices up even more by shutting down oil supplies. And yet we have the answer to this right here in front of us with American ethanol,” said Tom Buis, CEO of Growth Energy. “Ethanol is trading at about 75 cents a gallon cheaper than gasoline. We ought to be giving motorists here at home more choices at the pump. The choices are simple — stay chained to the whims of an Iranian strongman,or invest in clean, renewable, American-made energy with ethanol.”
Growth Energy petitioned the U.S. Environmental Protection Agency to permit blends of up to E15, from the current level of E10. After rigorous testing of engine drivability and emissions testing and found that every car tested – from model year 2001 and newer – met standards for E15.
While minor steps remain before E15 can be brought to market, there are some in Congress who continue to slow the advance of alternatives to gasoline. In a House Science Committee vote last week, Rep. James Sensenbrenner’s (R – WI) legislation to delay E15 even further won approval.
“That’s a last desperate step to keep consumers from having a choice at the pump and keep us addicted to the most unstable region in the world,” Buis said of the Sensenbrenner bill.
Read more facts and information on ethanol and prices.