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Agricultural News

AFPM Needs Refresher in Economics 101, Says RFA's Bob Dinneen

Fri, 08 Nov 2013 10:19:27 CST

AFPM Needs Refresher in Economics 101, Says RFA's Bob Dinneen
The American Fuel & Petrochemical Manufacturers (AFPM) is disputing the numbers from RFAís recently released analysis, which shows oil companies stand to gain $9.2-15.2 billion from a possible reduction to EPAís 2014 RVOs. Bob Dinneen, RFA President and CEO, suggests that AFPM executives go back to school for a refresher course in economics.

ďAFPM must have been absent the day they taught economics in Econ 101 because they are misunderstanding the very basic principles of supply and demand. If you reduce the gasoline supply by taking ethanol volume away, prices for gasoline will rise across the board. Itís that simple. And eventually, the lost ethanol volume would be replaced by gasoline refined from tar sands, tight oil from fracking, or Venezuelan heavy crude, all of which are far more costly to the wallet and the environment than ethanol. Who stands to gain from higher gasoline prices and more gasoline volume? Oil refiners, of course. Thatís what this is really all aboutóBig Oil wants to shut out competition and put more money in its already-stuffed pockets.Ē



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