FOR MORE INFORMATION:
Monte Shaw, 515-252-6249

FOR IMMEDIATE RELEASE

January 2, 2008

Ethanol Saves Iowans Millions As $100 Crude Oil

Drives Up Cost of Living

E10 Saved Iowa Drivers $120 Million in 2007

JOHNSTON, IA – The Iowa Renewable Fuels Association (IRFA) today announced that Iowa drivers saved $120 million dollars in 2007 by choosing E10 blends (10% ethanol, 90% gasoline).  Conversely, crude oil prices rising above $100 per barrel drives up the cost of nearly everything Iowans purchase.

“In 2007, ethanol blended gasoline helped keep $120 million in Iowa pockets – to spend on food, medicine, holiday gifts and even movie popcorn,” said IRFA Executive Director Monte Shaw. “Meanwhile, the rising cost of oil – now over $100 per barrel – is driving up the cost of most consumer goods. Consider that oil is used in processing/manufacturing, packaging, and transportation.  Almost everything is moved by a truck at some point in time.  The economic benefits of moving away from petroleum have never been more obvious.”

IRFA estimates that Iowans purchased approximately 1.2 billion gallons of E10 gasoline in 2007 at a discount of 10 cents per gallon compared to gasoline without ethanol equating to $120 million in savings.  Iowans can learn more about the positive economic impact of renewable fuels at the 2nd Annual Renewable Fuels Summit on January 31 in Des Moines.  The event is free, but you must register at:  www.iowarfa.org/summit.php.

Iowa is the leader in renewable fuels production.  Iowa has 28 ethanol refineries with the capacity to produce over 2 billion gallons annually.  There are 18 ethanol refineries under construction or expansion that will add 1.6 billion gallons of annual capacity. In addition, Iowa has 16 biodiesel refineries with a combined annual capacity of over 350 million gallons either in operation or under construction.  Many additional renewable fuels projects are under development.

The Iowa Renewable Fuels Association was formed in 2002 to represent the state’s ethanol and biodiesel producers.  The trade group fosters the development and growth of the renewable fuels industry in Iowa through education, promotion, legislation and infrastructure development.

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