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Study Quantifies Ethanol’s Contribution to U.S. Economy

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A new study commissioned by the Renewable Fuels Association was unveiled at the National Ethanol Conference. The study examines the nationwide impact of the ethanol industry on job creation, the economy, household income and foreign oil displacement in 2013. According to the ABF Economics study – the 13.3-billion gallons of ethanol produced in 2013 created 86,503 jobs and sustained an additional 300,277 indirect and induced jobs. The ethanol industry contributed 44-billion dollars to America’s Gross Domestic Product – while adding 30.7-billion dollars to household incomes. In addition – the 13.3-billion gallons of ethanol displaced 476-million barrels of imported oil – saving Americans 48.2-billion dollars in oil imports – roughly 13-percent of last year’s expected crude oil and petroleum imports. Noting the continued fight against naysayers determined to end the Renewable Fuel Standard – Renewable Fuels Association President and CEO Bob Dinneen says these numbers should silence the opposition. He says the ethanol industry is clearly helping individuals, families, communities and our country. Managing Partner of ABF Economics John Urbanchuck says the ethanol industry continues to make a significant contribution to the economy and enhance the nation’s energy independence. He adds that the dollars spent on domestically produced ethanol instead of imported crude oil and petroleum products is money spent and reinvested in the American economy.

 

RFA also released its annual 2014 Ethanol Industry Outlook and 2014 Pocket Guide to Ethanol. The Outlook offers a comprehensive look at the ethanol industry today and is accompanied by the Pocket Guide – which presents a succinct industry overview. Again highlighting the misguided attacks on the RFS – Dinneen expressed there is a clear need to educate individuals and policy makers about the goals and successes of the policy. He says the 2014 Ethanol Industry Outlook and Pocket Guide to Ethanol are easy to understand resources that help explain the unique facets of the industry and underline the imminent need to protect the RFS. Visit www dot EthanolRFA dot org (www.EthanolRFA.org) to download a copy of these resources.

[For the full ABF Economics study, click here:http://ethanolrfa.3cdn.net/813c483a4451ed5411_yxm6i6ov7.pdf]

 

Source: NAFB News service