Ever wonder exactly what the oil industry thinks of ethanol? Well, this article written by the president of the Louisiana Oil and Gas Association pretty well shows just how they feel about it.
Today we are faced with record high oil prices, soaring gasoline prices, the value of the dollar in decline and an economy teetering on recession; all of this is being caused by a rapid growth in oil demand, tight oil supplies and limited surplus oil production capacity.
With that in mind, you would think the Energy Bill passed by Congress three weeks ago would provide incentives encouraging domestic exploration, such as opening federal lands and waters that are restricted for oil and gas exploration. The United States is the only country that restricts development of its natural resources. Not this Energy Bill. Instead of drilling our way to energy security, Congress proposes to "grow" our way to energy security with corn ethanol, or should I say corn politics.
And of course just like all statements issued by the oil industry in regards to biofuels, there are several inaccuracies (misinformation?).