As gas prices creep up, ethanol saves drivers money, Ethonal Board says
Nationally, gas prices have risen nearly every day for the past 42 days. Some analysts expect that a return to $100 oil--and $4 gas--isn't far behind. But Nebraska drivers are already saving money by filling up with E10.
"Nebraska drivers have already saved over $4.5 million in 2009 by buying E10," said Todd Sneller, administrator of the Nebraska Ethanol Board. "If all the fuel sold in Nebraska in the past five years was E85, Nebraskans would have saved $2.6 billion."
Some economists have expressed concern that higher oil prices could even prolong the recession. The oil industry is desperately trying to inflate the price of oil with OPEC production quotas and oil refinery shutdowns, even as oil and gas demand drops. Worldwide oil demand is 2.6 million barrels per day lower than it was a year ago, according to the International Energy Agency.
"Nebraskans can save money, support their local economies and send Big Oil a message that we're tired of outrageous prices while they rake in billions," said Ethanol Board chair Mike Thede. "Buying ethanol made right here in Nebraska keeps money in your pocket."
Ethanol continues to play an increasingly important role in meeting U.S. transportation fuel demand. According to an analysis by the Clean Fuels Development Coalition, ethanol is the third largest source of transportation fuel in the U.S., behind oil imports from Canada and Saudi Arabia. In terms of energy contribution, domestic ethanol equals about 30% of oil imports to the US.
Ethanol provides a cleaner, cheaper alternative to gasoline, and lets Nebraskans take control of their energy future.
"We can invest in alternative, renewable, inexpensive fuels like ethanol, or we can continue the billion-dollar giveaway to Big Oil," Thede said.
Established in 1971, the Ethanol Board assists ethanol producers with programs and strategies for marketing ethanol and related co-products. The Board supports organizations and policies that advocate the increased use of ethanol fuels - and administers public information, education and ethanol research projects. The Board also assists companies and organizations in the development of ethanol production facilities in Nebraska. For more information, please visit www.ne-ethanol.org.