Omaha, NE – January 2, 2008 (AgNewsWire) – While ethanol detractors continue to spend millions mounting a smear campaign against alternative fuels, consumers bear the brunt of the economic pain as oil prices trade above the $100.00 a barrel mark.
Record oil prices translate into record profits for the petroleum industry. The impact upon the economy is being felt in many business sectors. Motorists struggle with gas prices that are 85 cents higher a gallon than a year ago, and record heating oil prices present tough choices for many homeowners. Family budgets are stretched thin. American consumers continue to be powerless as they endure rising energy costs and frequent supply shortages.
America’s foreign oil bill continues to climb, to a record total of nearly one billion dollars a day, and oil from the Middle East accounts for approximately 17 percent of U.S. oil imports. This business as usual approach is a failure.