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Advocacy Group Quantifies Impact of Homegrown Fuels
WASHINGTON -- The Fuels America coalition today released an economic impact study that the advocacy group says shows the “far-reaching benefits of renewable fuels for Ohio 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, according to the study.
The analysis takes into account the entire supply chain for renewable fuels and quantifies the impact to the economy. “Homegrown American fuels support 38,849 jobs and $1.9 billion in wages,” according to the study.
“The data are in: The Renewable Fuel Standard is driving billions of dollars of economic activity across America,” the study concludes. “This is the result of years of investment by the biofuel sector to bring clean, low carbon renewable fuels to market.”
Benefits to Ohio from the renewable fuels industry, according to the study, include:
- Driving $7.6 billion of economic output
- Supporting 38,849 jobs and $1.9 billion in wages
- Generating $249.4 million in state tax revenue each year
The full analysis is available on the Fuels America website, including detailed state by state reports.
Fuels America is a coalition of organizations that describes itself ascommitted to protecting America’s Renewable Fuel Standard and promoting the benefits of all types of renewable fuel already growing in America.
SOURCE: Fuels America.
Published by The Business Journal, Youngstown, Ohio.
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