Wednesday, May 05, 2010
CHICAGO -- The federal government has set a goal to produce 21 billion gallons of “advanced renewable fuels by 2022 – and a report distributed at BIO International concludes that if America reaches that goal, the economic impact will be enormous.
The report by Bio Economic Research Associates, called “U.S. Economic Impact of Advanced Biofuels Production: Perspectives to 2030,” concluded that if America mades a sustained commitment to produce 21 billion gallons of bio-fuels, including new fuels made from cellulosic materials such as wood and grass, it would create 29,000 new jobs and $5.5 billion in new investment in the next three years.
That figure will grow to 800,000 new jobs and $147 billion in to total economic impact by 2022, the report said, adding that avoiding the economic impact of having to import that much oil would have a positive economic impact of $350 billion between now and 2022.