The American Coalition for Ethanol (ACE) released a statement yesterday following President Obama’s remarks on energy policy and gasoline prices. In their statement, they said:
“We appreciate that the President talked about biofuels in his remarks on how to cope with gasoline prices today. While there is no easy, silver-bullet solution to reduce gas prices, unleashing the ability for American ethanol to comprise a greater share of the gasoline market through E15 would provide immediate relief at the pump.
According to the Oil Price Information Service (OPIS), current ethanol wholesale prices in the Gulf Coast are about 75 cents less than gasoline and the gap is even wider in other markets. At today’s prices, 10% ethanol blends are already saving consumers 7 to 10 cents per gallon compared to unleaded gasoline. Nationally, that saves over $25 million dollars a day. E15 could offer even greater savings. Drivers with vehicles new enough to use E15 could be saving 11 to 14 cents a gallon by choosing the E15 blend, potentially cutting gasoline costs by an additional $10 million dollars each day.”