Ethanol Producers Took $8B Hit from COVID-19
Number jumps from $7.9B to $8.6B when unemployment is factored
A study conducted by the University of Florida and Arizona State University revealed the estimated economic loss ethanol producers will experience in 2020 is $7.9 billion, reports RFDTV.
That number jumps from $7.9 billion to $8.6 billion when unemployment is factored.
"The COVID-19 pandemic in 2020 had a major negative impact on U.S. ethanol, gasoline, and oil prices and production," the authors wrote. "COVID-19 has had a major impact on ethanol production."
According to the Renewable Fuels Association, the study matches their internal analysis from July, which found producers could see about $7 billion in pandemic-related losses.