Lee Terry: “In closing, what we're faced with is restricted supply, ever increasing demand on oil products, on oil and gasoline…”

“In closing, what we're faced with is restricted supply, ever increasing demand on oil products, on oil and gasoline, $124, just shy of $124 per barrel today, and my friends, it's just going to keep going up. And we need a plan to make sure that we protect our economy and your budget. We know that we can't continue to pay these type of prices at the pump. We know that what we're experiencing with our inflation at the grocery store is about 80 percent related to those high costs of energy. We have a solution before us with ethanol, corn-based ethanol. Again, just in a summary here, the ethanol that is blended into the gasoline today is actually making it cheaper. That's allowing you to save more. You're not going to be spending as much on gasoline if it were not for the blend of ethanol in it. The argument that food has increased because of ethanol is not accurate. In fact, these are just several of the publications that have gone on record, Wall Street Journal, CNN, have all said that it's a fallacy that food prices are going up because of ethanol. So net, it's helping our citizens, but the future isn't with corn-based ethanol, it's with cellulosic. Cellulosic is going to supplement this ethanol. And its potential is immense.”