Ethanol Demand Soars as Petroleum Prices Increase
Ethanol industry sets all-time monthly demand/production records in June.
Compiled by staff
Published: Aug 29, 2005
The U.S. ethanol industry set an all-time monthly production record in June of 249,000 barrels per day (b/d), according to data released by the U.S. Energy Information Administration (EIA).
The previous all-time record was 245,000 b/d in February of this year. Ethanol production was up over 12% compared to 222,000 b/d in June of 2004.
The Renewable Fuels Association released the following statistics:
June Statistics (mg = million gallons)
|
Fuel Ethanol Production |
313.4 mg |
249,000 b/d |
|
Fuel Ethanol Use |
348.9 mg |
277,000 b/d |
|
Fuel Ethanol Stocks |
252.7 mg |
24.2 days of reserve |
|
Fuel Ethanol Exports |
0.0 mg^ |
n/a |
|
Fuel Ethanol Imports |
4.1 mg* |
n/a |
*Source: U.S. International Trade Commission
^ Jim Jordan and Associates
"With crude oil and gasoline prices setting price records weekly, ethanol represents the best bargain in motor fuels," states RFA President Bob Dinneen. "It appears the marketplace has finally responded. And with 65,000 b/d of new ethanol production under construction, the ethanol industry is well situated to meet growing demand in the future."
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