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National & World Ag News Headlines |
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Pacific Ethanol Idles Nebraska Ethanol Plant
USAgNet - 12/26/2018
Pacific Ethanol Inc. has laid off 26 employees at an ethanol plant in Nebraska due to low prices and a glut of product in the market. According to the Sacramento Business Journal, the company now has put nearly 20 percent of its total U.S. ethanol capacity
offline.
"The ethanol market is over-supplied with the glut of this year's corn harvest and a seasonal weakening in demand for motor fuels following the summer driving season," said Neil Koehler, CEO of Pacific Ethanol, in an interview. "Companies that have scale need
to take responsibility" and not add more fuel into the glut."
Pacific Ethanol is the country's sixth-largest ethanol producer. It said in its third-quarter earnings report that it would reduce production due to low prices for its automobile fuel product.
U.S. ethanol makers are struggling with collapsing biofuel prices in part because of the loss of ethanol exports to China as a result of President Donald Trump's trade war.
In Aurora, Nebraska, the company idled a plant with a capacity of 45 million gallons of ethanol, and laid off the employees who operate it. The company is still running its neighboring ethanol plant with a 110-million-gallon capacity in Aurora, Koehler said.
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