Biofuel groups say that they have a solution to the high gas prices we are currently seeing. Those prices hit an eight-year record, up 20 cents from last month and 88 cents from 2021.
Russia’s invasion of Ukraine is a factor and it is unlikely the situation will ease any time soon. The President and CEO of the Renewable Fuels Association say that corn and ethanol producers can help fix this problem with E-15 fuel.
“High gas prices, high energy prices are not good for American consumers-- we can help address that-- and, at the same time, we can help them address their carbon problem, right? So, not only are you getting a lower cost fuel, you’re getting a cleaner fuel, which meets the objectives and goals of the current administration, and should meet the objectives and goals of the oil refining industry,” Cooper states.
He said that if the EPA approves the year-round sale of E-15, that it could immediately reduce price pressure on gas.
Iowa Senator Chuck Grassley says that the U.S. needs to get away from depending on countries, like Russia, for its oil.
Related:
Renewable Fuels Association reacts to the EPA’s newest rules
Renewable Fuels Association weighs in on corn ethanol controversy
Analyst: sanctions on Russia could cause U.S. gas prices to climb higher