IARN — The latest report from the Energy Information Administration on Wednesday shows ethanol production is continuing a slow increase after reaching record lows in April.
According to EIA data analyzed by the Renewable Fuels Association for the week ending July 10th, ethanol production rose 1.9 percent – or 17,000 barrels per day – to 931,000 barrels per day. That’s equivalent to 39.10 million gallons daily. Production remains tempered due to COVID-19 disruptions, coming in 12.7 percent below the same week in 2019.
In a recent Zoom interview with the Iowa Agribusiness Radio Network, Iowa Congresswoman Cindy Axne said she’s been working to make sure the ethanol industry is protected in any future congressional legislation.
“As we’ve seen throughout the bills that we’ve passed through the House recently related to COVID, we have ensured that we are supporting agriculture,” Axne said. “I’ve been working with the select task force on climate that the speaker put in place when I found out that nobody was really standing up and representing ethanol or farmers to make sure we have a seat at the table. One of the pieces that I’m trying to get into any bill that deals with that includes making sure ethanol has an opportunity.”
Axne adds she feels support is growing for the ethanol industry among elected officials.
“Ethanol can be a great piece for our country from an environmental perspective, a GDP perspective, and certainly from a security perspective,” Axne said. “The more that we can produce to help us fuel in this country, the better off we are by not being dependent on foreign oil. I think we could see more support than we have in the past. My job is to help open up some new markets for that.”
From the EIA report, the four-week average ethanol production rate increased 2.6 percent to 910,000 barrels per day, equivalent to an annualized rate of 13.95 billion gallons. Ethanol stocks moved fractionally lower, down 0.1 percent to 20.6 million barrels and 11.8 percent below year-ago volumes.
Inventories declined in the East Coast (PADD 1), Midwest (PADD 2), and Rocky Mountains (PADD 4), with larger volumes building in the Gulf and West Coasts.
Story courtesy of the Iowa Agribusiness Radio Network.
