08/16/2011
NAFB News Service
The latest statistics from the Environmental Protection Agency indicates that U.S. biodiesel production reached a new monthly high of 81-million gallons in June. That marks the third consecutive month of record volumes. That would indicate that biodiesel production in the first half of 2011 has already eclipsed production for all of 2010. According to the National Biodiesel Board, the new numbers demonstrate the power that strong domestic energy policy can have in helping create jobs and economic activity.
The reinstatement by Congress of the biodiesel tax incentive this year now has the biodiesel industry on track to produce at least 800 million gallons this year, more than double the biodiesel production of 315 million gallons last year. According to a recent economic study, this year's rejuvenated production will support more than 31-thousand U.S. jobs and generate income of nearly 1.7-billion dollars. It also is expected to generate an estimated 345-million in federal tax revenue and 283-million in state and local tax revenue.
Joe Jobe, CEO of the Biodiesel Board, says - policy makers should take a look at our experience over the last couple of years. It's a textbook case in how sound energy policy equates to sound economic policy. According to Jobe, Congress should not allow the biodiesel tax incentive to expire again at the end of this year. In this kind of economy, we need every tool we have.
WebReadyTM Powered by WireReady®NSI