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Posted on  

October 13, 2000

VIOLENCE IN PALESTINE AND TERRORIST ATTACK IN YEMEN SPARK $37 PER BARREL OIL



”The U.S. must break the cycle of rising oil prices, rising oil imports, rising energy insecurity, and rising pollution,” says Vaughn.

WASHINGTON, DC - Today the price of oil on the New York Mercantile Exchange jumped by more than $2 to over $37 per barrel. By comparison, at the height of the Persian Gulf War, oil peaked at just over $37 per barrel. The latest spike resulted from an apparent terrorist attack on a U.S. Nary ship docked in Yemen and the continued violence in Palestine.

Eric Vaughn, president of the Renewable Fuels Association (RFA) made the following statement concerning today’s events:

”The U.S. must break the cycle of rising oil prices, rising oil imports, rising energy insecurity, and rising pollution. Today’s events are a tragic reminder of the high price we pay for our dependence on foreign oil. We have gone from importing 36% of our oil in the 1970s to importing over 56% today. This foreign energy dependence has made us the victim of OPEC,
regional unrest, and terrorist attacks. The price of crude oil in the U.S. should not jump over $2 per barrel in a single day on the heightened uncertainty of foreign oil supply. Our entire economy is vulnerable. Our national security is on the line.

”The answer isn’t to focus on more oil. Recently the American Petroleum Institute called for a new energy policy based on greater access to oil on
U.S. lands, greater access to overseas oilfields, construction of more refineries and pipelines, and a reduced emphasis on environmental regulations. That is ridiculous. The last thing we should do is rest our future energy security on more oil. In fact, a new General Accounting
Office report released today by Sen. Tom Harkin (D-IA) revealed the oil industry has received over $150 billion in tax breaks - while our dependence on foreign oil has reached alarming heights. We can do better.

”This week, the U.S. produced its 17 billionth gallon of ethanol-blended gasoline. The domestic ethanol industry is on-target to produce a record
amount of ethanol this year - exceeding 1.6 billion gallons. New production facilities have opened in Missouri and North Dakota. The ethanol industry is committed to eliminating the need for chemical oxygenates like MTBE, which pollutes drinking water, by 2003. Ethanol is not the only answer, but it should be at the top of the list. A national energy policy and focuses on domestic, renewable, clean sources of energy is worthy of debate in the U.S.”

For more information please visit our web page at: www.ethanolRFA.org
 

 

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