One billion dollars a day is an astronomical figure -- and it's the amount Americans are spending every single day to gas up their vehicles. Tom Kloza, chief oil analyst at the Oil Price Information Service, told the New York Times recently ("High Gas Prices Could Slow Recovery") that in January, consumers were spending about $600 million per day on fuel for their vehicles, but now that figure is back up to around $1 billion per day. The article says, "The national jump in prices, far larger than the normal seasonal increase, is pulling billions of dollars from the pockets of drivers. It threatens to curtail a modest recovery in consumer spending on items like apparel and electronics."
Oil and gasoline prices are on the way back up, and this underscores the importance of having a cost-effective alternative like ethanol. For example, the Nebraska Ethanol Board recently did an analysis that showed Nebraska drivers have already saved more than $4.5 million this year by choosing E10 at the pump. And, they say, if all the fuel sold in the state in the past five years was E85, Nebraskans would have saved $2.6 billion.
Let's not spend $1 billion a day on a non-renewable, often imported fuel. Ethanol is a cost-effective, homegrown alternative that can keep money circulating in our nation's economy and give it the boost that it needs. The EPA allowing up to 15 percent ethanol per gallon would be a good start.