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CORN GROWERS CALL ON ADMINISTRATION TO ADVANCE ETHANOL, RATHER THAN RELEASES STRATEGIC PETROLEUM RESERVE
Oct. 20, 2022
Source: National Corn Growers Association news release
With the Department of Energy's announcement to release 15 million barrels of oil from the Strategic Petroleum Reserve, the National Corn Growers Association (NCGA) called on policymakers to advance ethanol as a solution to increase the nation's fuel supply and lower prices for American consumers at the pump. NCGA also highlighted a new report that found nationwide E15 sales would save drivers over $20 billion in annual fuel costs.
"We welcome the administration's continued focus on energy security, but we can't lose sight of the need for long-term solutions," NCGA Vice President of Public Policy Brooke Appleton said. "While a further SPR release may provide some short-term relief, expanding access to higher biofuel blends and advancing fuel policy solutions help extend fuel supplies, lower costs for consumers and shore-up America's energy security for the long run."
Ethanol adds nearly 15 billion gallons to our fuel supply every year, lowering demand for high-cost oil while increasing the total fuel available to consumers. Ethanol also costs less than gasoline. When gas prices climbed to all-time highs during the summer, NCGA reminded policymakers that ethanol was priced $1 per gallon less than unblended gasoline at wholesale and drivers are still saving up to30 cents or more per gallon where retailers offer E15.
A new study by Growth Energy conducted by ABF Economics found that nationwide E15, a 15% blend of ethanol, would save consumers $20.6 billion in annual fuel costs and put an additional $36.3 billion of income into the pockets of American households. Additionally, a new analysis by the Renewable Fuels Association found that the Biden administration's decision to allow E15 to be sold during the 2022 summer driving season saved American consumers $57 million.
NCGA supports policy solutions to ensure full market access for E15 going forward. NCGA also supports the Next Generation Fuels Act, legislation that would establish a clean, low-carbon high-octane standard for fuel and future vehicles, cutting fuel costs and emissions and increasing efficiency to provide long-term energy security.
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