Gasoline prices have reached another record high, with the statewide average as reported by Triple-A now hitting $2.04 a gallon. Iowa Senator Chuck Grassley says he’s stumped by something in this latest case of skyrocketing pump prices. “We have a larger inventory of gasoline at this point than we did 12 months ago and gas is 40-cents a gallon higher priced. That’s what I don’t understand because I would think the law of supply and demand, with this increased inventory, would bring down the price,” Grassley says. Grassley says the U-S Senate is going to consider legislation that would radically boost the use of corn-based ethanol. The measure would require the use of at least six-BILLION gallons of ethanol a year by the petroleum industry. Grassley says he and several other senators will push for that figure to be eight-billion gallons. About 3.4 billion gallons of the corn-based fuel additive were produced in the U-S last year.
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