Ethanol makes up only 10 percent of a gallon of gasoline. If gasoline prices are up 36 cents, then ethanol would only make up 3.6 cents of that. And 85 percent of users have long-term contracts that are significantly below the spot-market prices.
More Quotes from Bob Dinneen:
The U.S. ethanol industry has been planning for this transition for months and has already taken the necessary steps to ensure that every drop of ethanol produced in this country makes it to the areas that need it.Bob Dinneen
People look and see what's happening with worldwide oil supplies and it is a cause for concern. People realize the era of cheap oil is over.
Bob Dinneen
The ethanol industry is growing at a phenomenal rate. We currently have 97 plants operating at nearly 100 percent capacity. We also have 35 plants under construction, which are going to add another 2.2 billion gallons within the next 12 months.
Bob Dinneen
I think some in the environmental community won't be all that warm and fuzzy about coal-fired ethanol. It's fair to say there's a trend away from natural gas, but coal is just one approach. Other technologies are part of the mix, too.
Bob Dinneen
We are expanding rapidly and will continue to do so with comments like the president made last night. It sends a very strong signal to our industry, financial markets that the future for ethanol is secure.
Bob Dinneen
We are pleased that President Bush recognizes the need to move the country toward an energy future that is less reliant on unreliable and increasingly costly foreign sources of oil.
Bob Dinneen
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