The Biden Administration released plans this week to address higher fuel prices. The President is calling on petroleum companies to ramp up oil production, encouraged Congress to make oil companies pay penalty fees for idle oil wells on leased public lands, and is releasing 180 million barrels of oil out of the Strategic Petroleum Reserve. Renewable Fuels Association CEO Geoff Cooper says the President continues to overlook the role ethanol can play.
Ethanol groups are urging the administration to take action to facilitate expanded ethanol production and use through authorization of E15 for summer use.
Cooper says ethanol is selling for $1 per gallon less than gasoline and the U.S. is sitting on record ethanol inventories so it is a ready-made solution to record high gas prices at the pump.
