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AGRIBUSINESS: Benefits Of Ethanol As Gas Prices Rise
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.