Despite the economic challenges facing the United States and the world, the U.S. ethanol industry is expected to meet its production targets, according to a Renewable Fuels Association report.
The report, "Contribution of the Ethanol Industry to the Economy of the United States," was prepared for RFA by John Urbanchuk, director of economic consulting firm LECG LLC.
Even though the economic times are tough for the ethanol industry, the report outlines that the ethanol capacity continues to expand. "The industry is in position to meet the 36 billion gallon renewable fuels goal set for 2022," Urbanchuk says.
According to the report, producing 36 billion gallons of renewable fuel, among other things, will:
- Support as many as 1.18 million jobs in all sectors of the economy
- Displace the equivalent of nearly 11 billion barrels of crude oil between 2009 and 2022
- Increase federal tax revenues by nearly $223 billion between 2009 and 2022 while state and local tax revenues will increase $167.2 billion
To view the entire report, click here.
RFA also recently released its 2009 Ethanol Industry Outlook.
Source: RFA, Meatingplace.com