Advanced Biofuels Will Create Thousands of Jobs and Add Billions to U.S. Economy
Thousands of new jobs will be created throughout the economy as advanced biofuel production capacity continues to expand.
This according to the Biotechnology Industry Organization as they presented key findings from a Bio Economic Research Associates (bio-era™) research report entitled U.S. Economic Impact of Advanced Biofuels Production: Perspectives to 2030.
The research analyzed how the growth of the advanced biofuels industry will impact four areas critical for recovery of the U.S. economy: job creation, economic output, energy security, and investment opportunity. The report forecasts that 190,000 new direct industry jobs will be created, with $37 billion dollars in direct economic growth, by 2022.
The impact throughout the economy could be as much as $148.7 billion, creating 807,000 jobs within the same 2010-2022 period.
- » See also: BP Could Start Selling Biofuels By 2010
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More jobs, less dependence on foreign oil
Summarizing the report, Brent Erickson, executive vice president of BIO’s Industrial and Environmental Section, said at a press conference last week:
“The advanced biofuels industry could create 29,000 new jobs and create $5.5 billion in economic growth over the next three years, as companies continue to deploy the technology. As the advanced biofuels industry grows to the levels established in the Renewable Fuel Standard, it will create more than 800,000 new jobs throughout the economy. These new jobs will be in sectors of the economy that have experienced the highest rates of job losses over the past year, including agriculture and construction”
“Increasing advanced biofuel production to a modest target of 45 billion gallons by 2030, which can be achieved by maintaining the same pace of technology development, could create more than 400,000 jobs within the industry and 1.9 million new jobs throughout the economy. Further, it could provide an economic boost of $300 billion. Continued federal support can help the industry quicken the development of the necessary technology and weather the risk of oil price volatility.”
Other key points from the report include:
- Direct job creation from advanced biofuels production could reach 29,000 by 2012, 94,000 by 2016, and 190,000 by 2022.
- Total job creation, accounting for economic multiplier effects, could reach 123,000 in 2012, 383,000 in 2016, and 807,000 by 2022.
- Direct economic output from the advanced biofuels industry is estimated to rise to $5.5 billion in 2012, $17.4 billion in 2016, and $37 billion by 2022.
- Taking into consideration the indirect and induced economic effects, the total economic output effect for the U.S. economy is estimated to be $20.2 billion in 2012, $64.2 billion in 2016, and $148.7 billion in 2022.
- Advanced biofuels production under the RFS could reduce U.S. petroleum imports by approximately $5.5 billion in 2012, $23 billion in 2016, and nearly $70 billion by 2022.
- The cumulative total of avoided petroleum imports over the period 2010–2022 would exceed $350 billion.
See a map and listing of the current cellulosic biofuel facilities.
Image credits: iStockPhoto, Bio.org
“Total job creation, accounting for economic multiplier effects, could reach 123,000 in 2012″. I see that a LOT, but never presented in a context.
So, do tell, why does decreasing consumption of petroleum oil (fewer oil rigs: layoffs of drilling crews, closing refineries: unemployed refinery crews, less transportation: truck drivers without anything to transport) NOT considered to cause massive layoffs?
The report accounts for job losses in the petroleum sector, deducting them from the total of jobs created in biofuels:
“These estimates assume that only half of new jobs created in biofuels transportation and distribution represent net job creation in the U.S. economy, since some offsetting jobs losses in the petroleum industry will occur as a result of biofuels’ displacement of petroleum product volumes.”
As oil prices itself off the market and becomes a scarce commodity, Americans will scramble to replace it with anything they can get their hands on, and in great desperation! A cascading turn of events, such as the success of the EV-1 at a time when oil went up in price. have been skillfully fended off with Shyster lawyers and U.S. patent law, by the supporters of the American “Status Quo” an unsustainable reality! When the curves of this power-struggle meet again, and the event cascade is imperturbable by the schmuck-meisters, all Hell will break loose in America and change will be rammed down the throats and up other orifices, without benefit of lubrication, of each and every American citizen, for corporate benefit, in a great corporate power shift, that will scare the American psyche forever! Bio-diesel from algae, Super batteries of Depleted Uranium and Chinese origin, Carbon fiber car bodies from Asia again, and the total collapse of the dollar in international trade, combined with conscription in America, and high interest rates and unheard of inflation, as the economics ball swings away,can,along with declaration of war on Iran, and Russian/Chinese intervention, make America into a group of armed camps, no longer united by Federal forces and “Third World” at best! Continuously printing “Fiat” money has undermined the greatest nation ever, and turned it into an untrusted debtor! America is about to get her fatted calf ass kicked hard by reality, and seems Hell bent on course for such and event! Israel may yet spark America’s Armageddon! Only time will tell! Meanwhile, we Americans have turned down flat, scrubbed Euro-diesel engines capable of direct Bio-Diesel Fuel use, without modifications, and a guaranteed 40 % import oil savings for our economy, and now that we don’t make our own cars, it can be as simple as an order change to Asians who can easily oblige us! Yet we carry on, Dreams of Cadillacs of days gone by, images of Grandeur, Corvettes, with huge “Muscle Car” engines in McMansion driveways, SUV’s awaiting our beck and call! Long sunny holidays at resorts meant for Arab Princes and Kings, jewelry bedecked, Fillet Mignon fed, Caviar festooned, and dressed in silk, and swimming in pools of the blood of those who die without benefit of even Medicare, Capitalists and corporatists to the bitter end! Bio-Diesel be damned, the parties not over yet! Kick those radical commies out dammit! I want to have more fun!Call security now Boy! Call! Call!