The U.S. Department of Energy via its Office of Energy Efficiency and Renewable Energy (EERE) released numbers on ethanol for 2007 recently and for the alternative fuels crowd the news looks good. In 2007 the US produced 6.87 gallons of ethanol, the lions share of that coming from corn. That is a 34% increase over 2006 ethanol production totals and a good sign that US ethanol production will be able to reach its 2008 goal of 8 billion gallons as set by the Energy Independence and Security Act of 2007’s new Renewable Fuel Standard Energy Independence and Security Act of 2007’s new Renewable Fuel Standard.
With 57 new refineries on schedule to open in the coming years the news of ethanol’s production rate of 423,000 barrels a day comes on the heals of oil prices reaching their new high of $110 per barrel. Gas prices are reflecting the rise in the oil futures market while consumer demand for gasoline has remained stagnant, and some reports actually reflect the slightest of dips in demand as American drivers as a whole are just beginning to curb their driving habits. (more…)
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