- Created on Thursday, 03 July 2014 11:05
- Written by NAPSI
Washington, DC (NAPSI) - How much you pay at the pump, how much we can avoid pollution and combat climate change, and how effectively we can stand up to other countries can all depend on whether the government continues a policy that’s been called an unmitigated success.
The Renewable Fuel Standard (RFS) has reduced the United States dependence on imported petroleum, lowered gasoline prices, created jobs and economic opportunity across America, and reduced greenhouse gas emissions.
A Stronger, More Energy Independent Nation
A recent surge in ethanol production has reduced gasoline imports from 600,000 barrels per day a decade ago to near zero today. Looked at another way, the ethanol produced in 2013 displaced an amount of gasoline refined from 462 million barrels of imported crude oil. That’s roughly equivalent to the amount of crude oil imported annually from Venezuela and Iraq combined.
Lower Gas Prices
Ethanol is the lowest cost transportation fuel in the world. Today, it is selling for approximately 90 cents less than gasoline wholesale. At the national level, that not only means ethanol is bringing down the cost of gas per gallon, it is stretching our national fuel supply. Philip K. Verleger, a renowned energy economist, found ethanol saved consumers $0.50 to $1.50 per gallon in 2012-2013. A savings of $1.00 on average which adds up to an annual savings of approximately $1,200 per family.
Helping the Economy
The Renewable Fuels Standard encourages investment and innovation in the biofuels industry. As the next generation of ethanol refineries is built, the industry will bring its job-creating, revenue-generating benefits to states across this nation, not just the traditional Midwestern Corn Belt. The ethanol industry currently supports:
• 86,504 direct jobs
• 300,277 indirect and induced jobs
• $44 billion contribution to GDP
• $30.7 billion in household income.
The use of ethanol in gasoline in 2013 reduced CO2-equivalent greenhouse gas emissions from transportation by 37.9 million metric tons—equivalent to removing 7.9 million cars from the road for an entire year.
What Others Are Doing
Many Americans are writing or calling their members of Congress to voice their support of the Renewable Fuels Standard.
How to Learn More
To learn about the many benefits of ethanol and the Renewable Fuels Standard, visit www.EthanolRFA.org.