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Breitling Oil and Gas Morning Podcast #133 August 16th, 2012
How could the worst national drought in decades have a direct impact on the November general election?
It’s as simple as two words: gasoline and corn.
News broke on this week that prices at the pump jumped 5.1 percent in July, their biggest monthly increase in 12 years.
While it may seem a stretch to connect failing crops with gas prices, changes in our national energy policy have made ethanol a key component of retail gasoline sold in the United States.
Ethanol is made from corn – in fact, lots and lots of corn. It makes up 10 percent of the content of gasoline.
But this year, federal government fuel requirements could consume up to 40 percent of the available corn crop.
Historically, voters have revolted over rising gasoline prices, and in current opinion polls, fuel prices always rank as a top area of concern among voters.