Sunday, July 13, 2008

Oil Exec Defends Ethanol

Joe Petrowski Gulf Oil CNBC EthanolOil prices continue to climb to record heights forcing costs higher for millions of struggling American consumers.

And then we have groups like Big Oil and Big Food using alternative fuels as a scapegoat for all of their woes.

But not every oil company buys into the rhetoric against biofuels.

The CEO of Gulf Oil, Joe Petrowski, appeared on CNBC this week and defended the use of ethanol.

Asked what Congress should do, Petrowski stated that we must “stop attacks on ethanol“ and confirmed that removing ethanol from the energy supply would hurt us all.

He also calls the ethanol and food issue a "red herring". Petrowski also shared that the current daily ethanol production equates with that of “three OPEC nations”.

The discussion of ethanol is about 2 and 1/2 minutes into the interview.

See the full video HERE.

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