America’s economy has slowed considerably and many analysts are increasingly resorting to the use of the ‘R’ word – recession. Yet, amid the bleak economic news and forecasts, America’s ethanol industry stands out as one of the few bright spots, says the Renewable Fuels Association (RFA). The economic benefits of America’s expanding ethanol industry underscore the potential of the developing green economy to lift the nation toward a new economic horizon.
The Renewable Fuels Association released a study conducted by John Urbanchuk of LECG, LLC detailing ethanol's contributions to the U.S. economy in 2007. Some highlights include...
- U.S. ethanol production helped support the creation of 238,541 new jobs, more than 46,000 of which coming in the manufacturing sector;
- U.S. ethanol production increased the Gross Domestic Product by $47.6 billion;
- U.S. ethanol production increased household incomes by $12.3 billion;
- U.S. ethanol production generated $8.2 billion in new tax revenue for federal, state and local governments; and,
- U.S. production and use of 6.5 billion gallons of ethanol in 2007 displaced the need for 228.2 million barrels of imported oil and an estimated value of $16.5 billion.