Effects of Increased Biofuels on the U.S. Economy in 2022

Download or read book Effects of Increased Biofuels on the U.S. Economy in 2022 written by Mark Gehlhar and published by DIANE Publishing. This book was released on 2011-04 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Achieving greater energy security by reducing dependence on foreign petroleum is a goal of U.S. energy policy. The Energy Independence and Security Act calls for a Renewable Fuel Standard (RFS-2), which mandates that the U.S. increase the volume of biofuel that is blended into transportation fuel from 9 to 36 billion gallons from 2008 to 2022. This report examines how meeting the RFS-2 would affect various components of the U.S. economy. If biofuel production advances with cost-reducing technology, and petroleum prices continue to rise as projected, the RFS-2 could provide economywide benefits. However, the actual level of benefits depends on future oil prices and whether tax credits are retained. Illus. A print on demand publication.