Weekly 5: CBO predicts higher costs due to Renewable Fuel Standard
The BI Weekly 5 is a collection of news, tips and data affecting the boating industry this week. Be sure to look for the BI Weekly 5 every Tuesday on BoatingIndustry.com.
1. CBO predicts higher costs due to Renewable Fuel Standard
The marine industry has been at the forefront of efforts to scrap or revise the Renewable Fuel Standard because of the effect E15 and other ethanol-blended fuels have on marine engines. Now, the nonpartisan Congressional Budget Office is estimating that gasoline costs will rise by up to 9 percent and diesel by up to 14 percent if Congress does not repeal the RFS.
As refiners hit what is called the “blend wall,” they will need to rely on higher levels of biofuels in order to meet the increasing biofuel mandates of the RFS. While the National Marine Manufacturers Association and its allies have applauded the analysis, biofuel groups have criticized it calling it “unrealistic.”
2. Chicago harbors still dealing with low usage
Occupancy rates in Chicago’s harbors are at only 74 percent, well off normal levels, Crain’s Chicago Business reported.
The shortfall is costing the city about $7 million a year.
3. Connecticut marina fire damages boats
Two boats were destroyed and others were damaged in a fire at South Benson Marina in Fairfield, Connecticut.
The cause is still under investigation but is believed to be related to gasoline vapors ignited by a spark on one of the boats.
4. Drought hampers Nevada boating
With rainfall well off normal levels in Nevada, dealers there say business is hurting.
The three-year drought has affected water levels at many lakes and decreased boat launches across the state, according to local officials.
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