Ethanol Stocks Up on Energy Prices

New York [Associated Press] Shares of ethanol producing companies soared Tuesday after a jump in oil prices prompted investors to buy up shares of alternative energy stocks. Oil prices reached nearly $72 a barrel, after forecasts for an active hurricane season spurred concerns about potential damage and destruction of Gulf Coast refineries. A barrel of light crude added $1.80 to reach $71.76 on the New York Mercantile Exchange. Also on Tuesday, Democratic Sen. Hillary Rodham Clinton said during a speech at the National Press Club that the country needs to cut its dependence on foreign oil in half by the year 2025 through the increased use of ethanol-based fuel and a $50 billion research fund.
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