Ethanol industry showing some signs of recovery
The president and CEO of the Renewable Fuels Association, Geoff Cooper, says the ethanol industry is showing some signs of recovery.
“It seems that the worst may be behind us as states begin to ease stay-at-home restrictions and people begin to return to public spaces and get back out on the roads,” Cooper says.
He says gasoline consumption last week, nationwide, was up about 46 percent from where it was the first week of April. While that’s good news, Cooper says the ethanol industry still has a long way to go to climb of the hole caused by COVID-19.
“By our last count, there are still more than 60 ethanol plants that are fully idle today and close to 75 or 80 facilities that are still operating at a greatly reduced output rate.”
Cooper says ethanol production dropped from 16.5 billion gallons at the end of February to 8.2 billion at the end of the April.
AUDIO: Geoff Cooper