The government's renewable fuel standard regulations requiring more ethanol in fuel flies in the face of falling demand for gasoline, according to Bob Greco, group director for the American Petroleum Institute.
"We're using less gasoline than we thought we would be using back in 2007 … [when] government projected increasing growth for the foreseeable future," Greco told George Marlin, guest host of "The Steve Malzberg Show" on Newsmax TV.
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"Cars are becoming more and more fuel efficient … and we also, unfortunately, are seeing the results of the recession, which put a damper on gasoline and diesel demand.
"Because of that, the government now projects flat or declining gasoline demand for the foreseeable future … yet, the renewable fuel standard requires increasing amounts of ethanol anyways, every year through 2022. So pushing more ethanol into fewer and fewer gallons of gasoline is a recipe for trouble."
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