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Corn Ethanol Issues Not Expected to Significantly Impact Gasoline Prices in 2012

In recent weeks, drought conditions have lowered the outlook for this year's corn harvest across the Midwest and raised concerns over the higher costs of fuel ethanol and satisfying the blending mandates of the Renewable Fuel Standard (RFS).

Ethanol production fell from 920,000 barrels per day (bbl/d) for the week ending June 8, 2012 to 817,000 bbl/d (an annualized rate of about 12.6 billion gallons) for the week ending August 3, 2012.

The U.S. Energy Information Administration (EIA), in the August 2012 Short-Term Energy Outlook (STEO) released yesterday, reduced its ethanol production forecast for the second half of 2012 by 70,000 bbl/d to 830,000 bbl/d, below the annual rate of 13.2 billion gallons of renewable fuels that the RFS allows to be met with corn-derived ethanol during 2012.

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