Benefits of Ethanol - American Economy/Jobs
The ethanol industry contributes to the American economy by creating jobs, increasing farmer market opportunities, lowering gas prices and expanding gasoline supplies which reduce the need for expensive imports.
Biofuels are a large contributor to the world oil supply growth. Without biofuels, drivers would pay more at the pump. If biofuels producers stopped increasing their output, gas prices would be about 17 cents per gallon higher, according to the National Renewable Energy Laboratory.
According to LEGC in 2007, the ethanol industry provided employment for 238,000 workers in all sectors of the U.S. economy. The LEGC found that the ethanol inductry added $47.6 billion to the nation's GDP, and put an additional $12.3 billion into the pockets of American consumers.
If ethanol standards are raised to E15, we believe the ethanol industry will create 136,000 new American jobs, as predicted in a report by the Windmill Group.
Each year, a typical 60 MGPY ethanol plant built and operated by POET is expected to:
- Consume approximately 21 million bushels of corn
- Produce 60 million gallons of ethanol
- Produce 178,000 tons of Dakota Gold Enhanced Nutrition Distillers Products™
- Create approximately 40 jobs
- Provide an annual payroll of about $1.8 million
- Drive revenues of restaurants, hotels, entertainment, etc.
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