Gas prices just hit an eight-year record as the Russia-Ukraine conflict agitates energy markets, but the biofuels industry argues renewables from corn and soybeans remain a viable solution. U.S. sanctions and the Russian oil and natural gas export limits are all fueling higher gas prices up 20-cents in a month, 88-cents from a year ago. Here is President Joe Biden.
“We’re closely monitoring energy supplies for any disruption. We’re executing a plan, in coordination with major oil producing consumers and producers, toward a collective investment to secure stability in global energy supplies. This will blunt gas prices. I want to limit the pain to the American people, are feeling at the gas pump.”
But Renewable Fuels Association chief Geoff Cooper argues one way to help Biden, the oil industry and consumers, is with ethanol made from more than $30 billion worth of corn last year.
“High gas prices, high energy prices are not good for American consumers—we can help address that—and, at the same time, we can help them address their carbon problem, right? So, not only are you getting a lower cost fuel, you’re getting a cleaner fuel, which meets the objectives and goals of the current administration…and should meet the objectives and goals of the oil refining industry.”
Cooper says EPA approval of year-round E15, upended by the oil industry in the courts, could immediately reduce price pressure on gas.