Economy, job market reaps benefits from RFS
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.
- Fall tests for nematodes help keep crops healthy
- National Agricultural Genotyping Center announces partnership
- Surging soy, U.S. dollar quotes highlight Friday futures trading
- EU’s leading plant scientists call for action to defend research
- Digi-Star introduces WeighLog hydraulic weighing system
- Surging U.S. dollar values weighed on ag markets Friday morning