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RFA: Ethanol saving money for holiday travelers
The Renewable Fuels Association says holiday gasoline prices are the highest they’ve been in five years, but prices would be much higher without ethanol blends.
A study released by the association says 10% ethanol blends reduced the wholesale gas price by 26-cents a gallon, saving the average household 292-dollars a year.
The same study shows the savings would be 32-cents a gallon and a savings of 364-dollars per family if Americans were able to use E15 fuel year round.
The Renewable Fuels Association says since 2005 when the original Renewable Fuels Standard began, ethanol has lowered U.S. dependence on imported oil from 60% to 20%. The association says ethanol last year displaced more than 560 million barrels of oil, which is more than the U.S. imports from Saudi Arabia and Venezuela combined.
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