A former inspector general of the Organization of Petroleum Exporting Countries says President Obama should tap into the Strategic Petroleum Reserve. However, Growth Energy CEO Tom Buis says the United States ethanol industry has enough capacity right now to make a difference to consumers, not just for the short-term, but for the long-term.
"As the nation considers whether to sell off a portion of the strategic oil reserves, we'd recommend first that we lift the artificial barriers that prevent more homegrown ethanol from entering the U.S. fuels market," Buis said. "Simply allowing the U.S. Environmental Protection Agency to implement its approval of our Green Jobs Waiver for E15 would do for the long-term what a one-time sell off of oil reserves would do in the short-term: ease gasoline prices for everyday Americans, not just for today, but for tomorrow and later as well."
Buis says every day, the foreign oil imported is getting costlier, riskier and dirtier to extract. The only significant step our nation has taken to reduce our dependence on foreign oil today has been the use of E10. He says we can do more with greater access to higher levels of ethanol.