Economy, job market reaps benefits from RFS

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The Fuels America coalition released an economic impact study by John Dunham & Associates showing the far-reaching benefits of renewable fuels for workers and businesses of the nation.

Renewable fuels now represent nearly 10 percent of America’s fuel supply and have helped reduce U.S. reliance on foreign oil to the lowest level in years, notes the coalition. The analysis takes into account the entire supply chain for renewable fuels and quantifies the impact to the economy. 

The Renewable Fuel Standard (RFS) has driven billions of dollars of economic activity and years of investment by the biofuel sector to bring renewable fuels to market. This activity has created a ripple effect as supplier firms and employees re-spend throughout the economy, it was noted.  “The result is clear: $184.5 billion of economic output, 852,056 jobs, $46.2 billion in wages and $14.5 billion in taxes,” as determined in the economic study announced by Fuels America.

The benefits are not just to those states known for growing huge corn crops and having the large share of corn ethanol production. An example of renewable fuels economic impact at the fringe of the Corn Belt is the annual numbers for the states of Arkansas, Kansas, Missouri and Oklahoma as reported and shown in the chart below:

State               State Taxes ($)      Jobs Supported    Wages ($)

 

Arkansas          59,482,400                  5,721               215,160,200

Kansas             323.631,000                16,620             1,024,172,800

Missouri           474,783,000                42,916             1,520,539,300

Oklahoma        42,970,700                  4,316               200,629,000

The full analysis is available on the Fuels America website, including detailed state by state reports. “The report tells the story of an innovative, advanced renewable fuels and biofuels industry that is producing growing benefits for America’s economy,” according to Fuels America.

The RFS was signed into law by President Bush—but bitterly opposed by the oil industry. The RFS calls for the use of American-grown renewable fuels in our transportation fuel supply. “The oil industry is urging the U.S. EPA and/or Congress to repeal or weaken the RFS so that renewable fuels do not further reduce oil industry market share,” the renewable fuels industry group noted in announcing the economic report. 

The descriptor of the renewable fuels organization is as follows: “Fuels America is a coalition of organizations committed to protecting America’s Renewable Fuel Standard and promoting the benefits of all types of renewable fuel already growing in America. Fuels America is founded on a simple core principle: Renewable fuel is good for the U.S. economy, for our nation’s energy security and for the environment.” The website is www.fuelsamerica.org.


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