Oil markets continue to rest after highs just days ago. The ceasefire is still in effect between Israel and Iran, helping keep a lid on fuel prices.
A gallon of diesel right now is around $3.70. AAA shows the same gallon cost $3.54 just a month ago. Despite the relatively quick climb, diesel is still cheaper than this time last year, when it was $3.79 a gallon. Right now, West Texas Intermediate Crude Oil is holding around $65 per barrel.
There were concerns earlier this week that Iran would close the Strait of Hormuz, a key route for global oil shipments. Those fears eased after a ceasefire agreement, but ethanol groups say the U.S. still needs a backup plan. The Renewable Fuels Association is urging the White House to expand storage and distribution of E15. CEO Geoff Cooper says a broader ethanol market could help contain future price spikes.
Year-round sales of E-15 are another major topic on Capitol Hill, which, according to Rep. Adrian Smith (R-NE), is one issue up for debate this session with significant bipartisan support.
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Pressure to lower gas prices across the Golden State could be the saving grace of this year’s corn harvest. California may soon be the final U.S. state to approve E-15 sales.
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