Gas prices have been on the rise for more than a month and now stand at a four-month high. Renewable Fuels Association President Bob Dinneen says gasoline prices will likely keep climbing through Memorial Day. Over the past five years – he says gas prices have risen an average of 51-cents per gallon between New Year’s Day and the Memorial Day weekend. As prices rise – Dinneen says American ethanol is the motorist’s friend. He points to a recent study conducted by economics professors at the University of Wisconsin and Iowa State University that shows the nation’s growing use of domestically-produced ethanol reduced wholesale gasoline prices by an average of $1.09 per gallon in 2011. Dinneen says members of Congress need to keep this in mind – as well as the role ethanol is playing in reducing our dependence on foreign oil – as they assess legislation promoted by the oil industry to repeal or reform the Renewable Fuel Standard. He says not to mess with the RFS. He says it is working to expand the domestic energy supply, encourage investment in new technologies and reduce gasoline prices at the pump.
Source: NAFB News Service