WASHINGTON, DC – Growth Energy, the coalition of U.S. ethanol supporters, released the following statement in response to a proposal by Sen. Dianne Feinstein (D-Calif.) to modify certain subsidies for ethanol production.
Growth Energy CEO Tom Buis said, “This does nothing to help our nation reduce its dependence on foreign oil. Look at what is happening in the Middle East and North Africa. Take Libya for example. The disruption in Libya over the past few weeks has reduced one half of their output of oil. The price of gasoline for U.S. consumers has sky rocketed and resulted in consumers paying an additional $70 billion annually in higher gas prices. The U.S. ethanol industry produces the equivalent of a million barrels of oil a day and we are the second largest supplier of fuel to our nation. Therefore, risking the production of U.S. ethanol would be even more disruptive and more costly to our consumers and to our economy. The production of first generation biofuels is today’s fuel that can help our nation reduce its dependence on foreign oil, create jobs here in America and improve our environment.”