WASHINGTON, March 1, 2007 – API today called attention to the cooperative efforts of the oil and natural gas industry and ethanol/agricultural interests in dramatically increasing use of ethanol to meet the transportation fuel needs of U.S. consumers.
“Thanks to the almost seamless transition of huge amounts of ethanol into our nation’s gasoline pool, ethanol is gaining broader consumer acceptance,” said API President and CEO Red Cavaney in remarks at the U.S. Department of Agriculture’s Agricultural Outlook Forum 2007 in Arlington, Virginia. “From our experience, we know that customer acceptance is the single most important factor in the success of a product, especially a transportation fuel,” he said. “It is ever more essential that we work together to maintain and build the consumer acceptance of ethanol.”
Cavaney said that API and its member companies believe that allowing market forces and consumer preferences to determine where and how ethanol is consumed is the most effective and least costly way to integrate ethanol into our nation’s transportation fuels system.
“Last year, our industry utilized 25 percent more than the target amount of ethanol established under the RFS (Renewable Fuels Standard),” he said. “Additionally, nearly 50 percent of all gasoline consumed in the U.S. now includes ethanol. Clearly, there is a bright future for ethanol, as well as for biodiesel, although the latter is starting from a smaller base. We look forward to the promise of an ever-growing relationship between our two industries in the years ahead.”
Cavaney concluded: “I hope to return to this forum in a subsequent year to report to you on our continued, constructive collaboration on behalf of the U.S. motor fuels consumer. Working together, we can all play an important role in addressing our nation’s energy security. Few endeavors could be more important.”
Updated April 9, 2009