Renewable Fuels Could Save Money, Environment

Study finds renewable fuels could help boost the U.S. economy by $300 billion and create as many as 300,000 new jobs by 2016.

Published: 05-Jan-2002

WASHINGTON, DC, January 4, 2002 (ENS) - Energy legislation emphasizing renewable fuels could help boost the U.S. economy by $300 billion and create as many as 300,000 new jobs by 2016, an independent analysis suggests. The study, sponsored by the National Biodiesel Board, finds that increased use of American made fuels such as biodiesel and ethanol would generate an additional $71 billion over the next 15 years.

The AUS Consultants study assumes that the nation will reach goals such as meeting 1.2 percent of the nation's vehicle fuel needs with renewable fuels in 2002, increasing to four percent by 2016. The four percent level would displace the annual equivalent of 302 million barrels of crude oil by 2016, or almost 2.9 billion barrels of crude oil between 2002 and 2016. "Relying on renewable fuels for an increasing share of our transportation fuel requirements means that every acre of land that produces biomass used to make a renewable fuel ethanol becomes an oil patch that never runs dry," the report states.

The study suggests that taxpayers would benefit from increased renewable fuels use, because increased demand for farm crops would decrease the need for government farm subsidies, in some scenarios by up to $7.8 billion between 2002 and 2016.

<< PREVIOUSNEXT >>
RELATED NEWS ITEMS

READER COMMENTS

blog comments powered by Disqus