Isaac spares oil refineries in Gulf, yet prices continued to climb over Labor Day weekend.
Over Labor Day weekend millions of Americans hit the open road, but with gas prices spiking toward $4 per gallon, many elected to stay home.
The oil companies blame Hurricane Isaac for causing the sudden inflation, but the increases continue even as reports come in that damage to refineries in the Gulf of Mexico suffered little, if any damage.
“The oil market is so volatile and ethanol has served as a stabilizing factor that can help control costs by providing a level of certainty,” stated Tom Buis, CEO of Growth Energy. “Ethanol currently makes up 10% of our nation’s fuel supply and it has helped prevent extreme spikes in gas prices. Independent studies have shown that the inclusion of ethanol has saved consumers from 17 cents to $1.09 a gallon.”
AAA estimated 33 million drivers would hit the roads over Labor Day weekend, and with gas prices hovering near $4 a gallon, more and more consumers are turning to higher ethanol blends to save at the pump. Furthermore, consumers who drive Flex Fuel vehicles can see substantial savings by filling up with E85.
“Without ethanol blended in gasoline, prices would be higher,” Buis continued. “It is the least expensive motor fuel on the market and consumers can trust in a fuel that supports the American economy, powers NASCAR and reduces our dependence on foreign oil. Not to mention that it burns cleaner than conventional gasoline, also improving our environment.
In June, Growth Energy launched the website www.ethanolretailer.com, providing consumers with the resources to find the nearest flex pumps to fill up and save money. Additionally, a Flex Fuel finder app was launched, so that on-the-go consumers can find the nearest station with increased blends of ethanol. The app also includes the ability to identify stations along a planned travel route.
“The ethanol industry is committed to giving consumers with a choice when they fill up—they can choose to support foreign oil, which costs more and sends their hard earned dollars overseas to OPEC, or they can choose to support the American economy and energy independence by filling up with less expensive, home-grown American ethanol, and I am convinced they will choose the latter,” Buis concluded.