US drought: gasoline prices rise as corn stalks shrivel

Posted by Christian Science Monitor: Ron Scherer on July 27th, 2012
Christian Science Monitor: Since the beginning of July, the price of gasoline has risen about 16 cents a gallon, according to AAA. Energy analysts say at least some of that rise can be attributed to the severe drought scorching the Midwest plains because about 10 percent of each gallon of fuel is made from ethanol. One of the main ingredients of ethanol is corn. Because of the drought, the price of corn has soared. It is now just under $8 a bushel, up about 23 percent on the year and up 39 percent over the past five weeks.......

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