IARN — The biofuels industry has been suffering during this pandemic. People are not driving as much, so the price of gasoline tanked. That means the profits for ethanol were non-existent. Several plants had to either severely restrict production or shut down completely. This affected the economy of Iowa as a whole, but also the economies of the rural towns where these plants are located. Yesterday, Senator Chuck Grassley helped introduce a Biofuels Relief Bill in Congress.
During a call with Ag media, Senator Grassley talked about the hardships facing Iowa biofuels plants, as well as plants around the country. The drop in demand for gasoline meant a drop in demand for ethanol, and that meant a drop in demand for corn and soybeans in Iowa and across the country.
For more on this story, including comments from Senator Grassley, visit Iowa Agribusiness Radio Network.
