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Ethanol Saves Driver’s Money
By Mr Ethanol | April 23, 2008
Brownfield:
A study commissioned by the Missouri Corn Merchandising Council indicates ethanol saves money for the drivers who use it.
“We estimated using actual price data for 2007, those savings were 7.7 cents a gallon,” John Urbanchuk, the study’s author, told Brownfield at the Missouri State Capitol building where results were released Monday, “and the estimate for 2008, again based on year-to-date prices, if you will, is about 9.8 cents a gallon.”
The 6.5 billion gallons of ethanol produced in the U.S. last year lowered the country’s dependence on oil from nations that are not necessarily friendly with the U.S., according to Urbanchuk.
“The gasoline that would have been displaced by that ethanol would have required about 220 million barrels of oil, most of which would have been imported,” Urbanchuk said during a news conference to release the survey results.
The Missouri Corn Merchandising Council cites Merrill Lynch commodity strategist Francisco Blanch, who says U.S. gas prices would be 15% higher if it weren’t for biofuels.
Over 70% of Missouri’s fuel supply contained 10% ethanol in 2007, and the Missouri Renewable Fuel Standard kicked in on January 1, 2008. The standard requires an E10 blend when the price of ethanol is less than regular gasoline.
Topics: Ethanol Prices, Gas, Oil |
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