18 October 2007 00:07 [Source: ICIS news]
“The wild rise in oil prices at a time when prices should be holding steady underscores the kind of volatility in the marketplace that is only being mitigated today by the use of renewable fuels like ethanol,” said RFA president Bob Dinneen.
The RFA said that ?xml:namespace>
“By blending ethanol in gasoline today, refiners can save consumers up to 10 cents/gal and help soften the inevitable rise in gas prices thanks to record oil prices,” Dinneen said in a statement. “Unfortunately, not all refiners are capitalising on the economic advantages of ethanol blending.”
The RFA pointed out that oil prices are inflationary on the
The impact of oil on the price of processing, packaging and transport of products such as cereals, beer and meat has been unfairly blamed on ethanol producers who use corn as feedstock, the RFA said.
“By a factor of two-to-one, oil prices are more responsible for escalating consumer food prices,” Dinneen said.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|