ETHANOL CONTRIBUTES TO LOWER FUEL PRICE TRENDS
Interestingly, a few news media outlets are starting to cover what we already knew – ethanol saves consumers money and can provide them a choice for cheaper fuel at the pump.
The New Jersey Star Ledger reported on the low gas prices we were seeing nationwide at the end of last month, publishing that cheaper ethanol – no doubt the result of cheaper corn – is contributing to the drop in fuel prices.
“The average price for a gallon of gasoline in New Jersey is now $3.31, about 6 cents below last week's price and 41 cents less than this time a year ago.
Cheaper ethanol — retail gasoline contains 10 percent ethanol — is contributing to the drop, according to Tom Kloza, chief oil analyst at GasBuddy.com.
The current national average for a gallon of gas is $3.47, the lowest price it has been since Feb. 1, according to GasBuddy.com.”
According to Fuels America, ethanol saves consumers about $1.09 per gallon every time they fill up.
According to the Center for Agricultural and Rural Development at Iowa State University, Midwestern consumers save even more, $1.69 per gallon.
Ethanol savings really stack up at a time when American consumers really need them most!