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Record Oil Prices Reinforce Need For Renewable Energy Alternatives
By Mr Ethanol | October 18, 2007
Grainnet:
In what seems like a broken record, crude oil hit a new high of $89 a barrel on Oct. 17.
Boosted by geopolitical concerns, supply concerns in this country and wild speculation that has come to define many commodity markets, oil prices are setting new records each day.
The unabated rise of oil prices will end up costing Americans at the pump as well as in the grocery aisle.
“The wild rise in oil prices at a time when prices should be holding steady underscores the kind of volatility in the marketplace that is only being mitigated today by the use of renewable fuels like ethanol,” said Renewable Fuels Association President Bob Dinneen.
“The nearly 6.5 billion gallons of ethanol the U.S. will produce this year is going a long way to help meet the growing demand for gasoline.
“By blending ethanol in gasoline today, refiners can save consumers up to 10 cents per gallon and help soften the inevitable rise in gas prices thanks to record oil prices.
Topics: Biofuel, Oil, Prices |
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