A new analysis by the Renewable Fuels Association shows the ethanol industry could see $10 billion in losses from the COVID 19 pandemic. RFA President and CEO Geoff Cooper says out of the 204 ethanol plants, only 60 are producing enough to stay completely on line.
RFA’s Chief Economist Scott Richman says they’re estimating a nearly 20 percent cutback in ethanol production due to the effects of the coronavirus.
Despite these losses and cutbacks, the ethanol industry was not included in any of the COVID 19 relief package announced by Ag Secretary Sonny Perdue. Cooper says it’s not only disappointing but was a result of the agency running out of money.
Cooper says their new analysis underscores the magnitude of the economic devastation being suffered in the ethanol industry.
