Ethanol leaders say that increasing blends would immediately bring down prices
Industry leaders are calling for more ethanol use. The CEO of KAAPA Ethanol Holdings says that biofuels go a long way in easing some pain at the pump.
Right now a gallon of E-85 is averaging $3.75. That is well below the price of a regular gallon.
While ethanol blends have been trending higher in recent weeks, Chuck Woodside says that increasing the amount of ethanol in our fuel would immediately bring down prices.
“I think the other thing that’s interesting, and this was a stat I heard yesterday, is that the United States imports 200,000 barrels a day of oil from Russia. You know what? That’s about the same amount of idled ethanol capacity in the United States. And so, if we would just have all the ethanol plants running in the United States, we could replace the import of oil from Russia to the United States. And, I think those are the kinds of things that allow us to have a direct and immediate impact on the price of gasoline,” Woodside states.
He adds that his association is working with the White House to make sure the administration knows there are things that can be done today to lower costs.