SUMMER DRIVING SEASON A MONTH AWAY, HIGH GAS PRICES HERE TO STAY?
It’s still nearly a month before Memorial Day and the unofficial start of the summer driving season. But already we’re seeing high gas prices, with the cost per gallon here in Bloomington at over $4 a gallon. Research shows, however, that the pain would be even worse if it weren’t for ethanol.
Not only is ethanol good for national security and energy independence, it also has impacts that are very local and very close to home. Consumers realize savings at the pump when ethanol is blended with gasoline.
For trading days March 27 – March 31:
- Chicago Rack Price of Gasoline before blending (average of daily high and lows) $2.993/gallon
- Chicago Rack Price of Ethanol before blending (average of daily high and lows) $2.488/gallon
Difference of $.505/gallon…that’s nearly 51 cents per gallon!
According to the National Renewable Energy Laboratory “Ethanol keeps U.S. retail gasoline prices about 17 cents per gallon lower, leading to $24 billion in annual savings for drivers.”