(NAFB)--This Memorial Day holiday weekend - AAA Travel is projecting 34.8-million Americans will travel at least 50 miles from home
. That’s a slight decrease of point-nine percent from last year. Eighty-nine percent of those travelers are expected to travel by automobile. Growth Energy CEO Tom Buis says it’s no surprise that those motorists will pay record prices at the pump this weekend. According to GasBuddy dot com - the national average gasoline price is currently $3.68. Thankfully - Renewable Fuels Association President and CEO Bob Dinneen says - ethanol exists to help lower prices, stretch the gasoline supply and provide engine and environmental benefits. Updated research conducted by University of Wisconsin and Iowa State University economics professors shows that domestically-produced ethanol reduced wholesale gasoline prices by an average of $1.09 per gallon in 2011. That’s up from the 89-cents the same economists recorded in 2010.
Growth Energy’s Buis says oil companies will use an excuse to gouge consumers and blame some outside factor - noting refinery planned maintenance and tight regional supplies are the latest excuses. Buis says it’s just one more example why renewable biofuels are necessary - and why it’s time to break the addiction to oil and start using higher blends of ethanol. He says they not only provide savings and a choice at the pump - but reduce our dangerous dependence on foreign oil. Beyond that - RFA’s Dinneen points out that the ethanol industry is supporting more than 365-thousand American jobs, revitalizing challenged rural communities and reducing the American dollars sent overseas to buy petroleum from often hostile dictators in oil-rich countries.