Growth Energy Statement on Surging Oil Prices

With unrest in Libya and other North African and Middle Eastern nations sending oil to a two year peak of $120 , Growth Energy, the leading voice for the U.S. ethanol industry released the following statement.

“How high must oil prices rise before America says it has had enough? When will we learn that the only way to truly free ourselves from the grip of foreign oil is to invest in the only commercially-viable, domestically produced alternative: American ethanol. Ethanol is not a someday fuel – it is replacing foreign oil today. And the more domestic ethanol we produce, the more foreign oil we will displace,” said Growth Energy CEO Tom Buis.

“During a fragile economic recovery, when many Americans are living paycheck to paycheck, we cannot continue a policy that keeps us addicted to foreign oil – especially as political upheaval in the Mid East and North Africa pushes gas prices closer and closer to $5 a gallon. If we truly want to reduce our dependence on foreign oil and strengthen this country’s economy and national security, we must invest in the alternative fuels we have the capacity to produce here in the United States,” added Buis.

On Feb. 4, at the height of the Egyptian turmoil that eventually toppled the Mubarak government, Growth Energy Co-Chairman, (Ret.) Gen. Wesley K. Clark warned of the spread of ‘contagion’ across North Africa and through the Middle East in a video statement. You can see that video here.