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The ethanol industry across the Midwest is in an economic free-fall due to decreased global demand for ethanol-infused gasoline during the COVID-19 pandemic, reports the Capital Journal.
The per-gallon price paid to ethanol producers has fallen to record lows, dropping 37% in one month from $1.24 a gallon on Feb. 27, 2020, to just 78 cents a gallon on March, 27, 2020, according to the U.S. Department of Agriculture.
Across the country, dozens of ethanol plants have closed, gone idle or reduced production as Americans and people across the world have dramatically cut back on driving amid the pandemic. Production levels for 2020 are expected to be down by 4 billion gallons.
Read the full report at the Capital Journal.