Gas prices are on the rise across the country and are expected to increase even more throughout the spring and summer.
According to a press release from the Iowa Department of Agriculture today, crude oil prices were up sharply this past week on the West Texas Intermediate, increasing $2.33 to close at $100.74 per barrel. Unleaded gasoline prices continued increase, up $.09 this week in Iowa to $3.45 and the mid-grade blend with 10 percent ethanol increased $.08 as well to $3.37. Read below how ethanol is helping to save consumers money and about how E15 could offer even greater savings.
American Coalition for Ethanol Says E15 Could Help Ease Rising Gas Prices
Sioux Falls, SD (February 14, 2012) –
The American Coalition for Ethanol (ACE), a national advocacy association for the U.S. ethanol industry, today says E15 (a blend of 85% gasoline and 15% ethanol) would benefit consumers and that federal officials should immediately complete any work needed to allow marketers to offer the fuel for sale at stations across the country.
After years of testing by EPA and the Department of Energy, E15 was approved more than a year ago, as an option for cars and light trucks built in 2001 and later.
ACE Senior Vice President Ron Lamberty says national surveys indicate that gasoline prices are up about 45 cents a gallon compared to a year ago, while ethanol prices have dropped more than 30 cents in the same time frame. Current ethanol wholesale prices are about 80 cents less than gasoline.
“At today’s prices, 10% ethanol blends are already saving consumers 8 to 10 cents per gallon compared to unleaded gasoline. Nationally, that saves almost $30 million dollars a day,” Lamberty says. “E15 could offer even greater savings. Drivers with vehicles new enough to use E15 could be saving 12 to 15 cents a gallon by choosing the E15 blend, potentially cutting gasoline costs by an additional $10 million dollars each day.”
“Ethanol opponents continue to create new roadblocks, claiming to be “pro-consumer” and “pro free market,” while they do everything they can to keep E15 - a tested, approved, safe fuel - off of the market. That causes consumers to over-pay for gas and it is the opposite of a free market.” says Lamberty.
“E15 is approved as an option. Retailers don’t have to add it to their product slate and consumers don’t have to buy it. Yet there is considerable effort to continue misleading and frightening consumers into supporting this idea of an auto fuel Nanny Slate that only benefits the oil industry and those who depend on Big Oil’s support,” according to Lamberty.
“ACE is urging federal officials and Congress to get behind efforts to open up E15 for public sale to all vehicles that are 2001 and newer as soon as possible. It’s time that we allow American consumers the option to support a cleaner fuel that helps cut down on imports of foreign oil and supports American jobs. We think that the majority of Americans would be in favor of something this beneficial for consumers rather than supporting efforts that only go to increase profits for oil companies,” Lamberty said.