The Fuels America coalition released an economic impact study by John Dunham & Associates showing the far-reaching benefits of renewable fuels for Missouri workers and businesses.
Renewable fuels now represent nearly 10% of America's fuel supply and have helped reduce U.S. reliance on foreign oil to the lowest level in years. The analysis takes into account the entire supply chain for renewable fuels and quantifies the impact to the economy.
Benefits to Missouri from the renewable fuels industry include:
- Driving $6.3 billion of economic output
- Supporting 42,916 jobs and $1.5 billion in wages
- Generating $166.3 million in state tax revenue each year
The full analysis is available on the Fuels America website, including detailed state by state reports.
The report tells the story of an innovative, advanced renewable fuels and biofuels industry that is producing growing benefits for America's economy. "The data are in: The Renewable Fuel Standard (RFS) is driving billions of dollars of economic activity across America," the report concludes. "This is the result of years of investment by the biofuel sector to bring clean, low carbon renewable fuels to market."
The RFS calls for the use of American-grown renewable fuels in our transportation fuel supply. The oil industry is urging the U.S. EPA and/or Congress to repeal or weaken the RFS so that renewable fuels do not further reduce oil industry market share.
Source: Fuels America