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Old 08-14-2012, 03:01 PM   #448
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Cooper added that consumers won’t see any significant price drops in their grocery bills if the RFS is waived. He highlighted recent research that shows the waiver would produce only a 4.6 percent reduction in corn prices at the commodity level, which translates to even less for consumers when you consider that only 14 cents of every food dollar spent goes toward the actual commodity… transportation costs, support, marketing, etc. make up the other 86 cents. And he noted that consumers would end up paying a lot more for gasoline as ethanol is credited with lowering gas prices $.84-$1.07 per gallon. “Really what’s driving higher gas prices, as you would expect, are higher crude oil prices and some of the problems in the refining sector.”
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