THE Fuels America coalition recently released results of an economic impact study by John Dunham & Associates showing the far-reaching benefits of renewable fuels for the U.S. economy — including supporting more than 850,000 American jobs.
Renewable fuels now represent nearly 10% of America's fuel supply and have helped reduce U.S. reliance on foreign oil to the lowest level in years.
The analysis takes into account the entire supply chain for renewable fuels and quantifies the impact to the U.S. economy. In addition to the jobs, the study found that the industry drives $184.5 billion of economic output, provides $46.2 billion in wages and generates $14.5 billion in tax revenue each year.
The full analysis is available on the Fuels America website at www.fuelsamerica.org and offers localized reports for every state and congressional district in the country.
"The data are in. The renewable fuel standard (RFS) is driving billions of dollars of economic activity across America," the report concludes. "This is the result of years of investment by the biofuel sector to bring clean, low-carbon renewable fuels to market."
Embraced by both Democrats and Republicans and signed into law by President George W. Bush — but bitterly opposed by the oil industry — RFS calls for the use of American-grown renewable fuels in the U.S. transportation fuel supply.
The oil industry is urging the Environmental Protection Agency and/or Congress to repeal or weaken the RFS so that renewable fuels do not further reduce oil industry market share.