Ethanol industry hit hard by Midwest drought

"There's a lot of anxiety in the industry right now about the drought and a lot of folks watching the weather and hoping and praying this drought is going to break," said Geoff Cooper, vice president for research and analysis for the Renewable Fuels Association.

"If we get back to a normal pattern and normal corn crop, then I think the industry is in good shape," Cooper said. "But if this drought persists and it has the same effect on this coming corn crop, then we've got a problem."