Agricultural News
Study Quantifies Value of Ethanol
Mon, 02 May 2011 17:21:56 CDT
A new study by economists at Iowa State University and the University of Wisconsin, and released by the Center for Agricultural and Rural Development, puts into focus the savings in fuel prices provided by using ethanol. But, it also makes one fact clear. If ethanol disappeared, gasoline prices would rise by as much as 92 percent.
According to the report, for the ten years between 2000 and 2010, drivers saved an average of 25 cents per gallon. During that period, savings averaged 34-billion dollars. The report also indicates that in 2010, the increased use of ethanol reduced wholesale gasoline prices by an average of 89 cents per gallon.
According to Renewable Fuels Association President Bob Dinneen, - this study confirms that ethanol is playing a tremendously important role in holding down volatile gasoline prices. Dinneen sayd he believes that as rising oil prices are contributing to higher retail costs for everything from gas to food to clothing, ethanol is providing some real relief for American families.
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