On February 22, 2016, the Renewable Fuels Association (RFA) published the results of a study on the impact of the ethanol industry on the U.S. economy. The study, which was commissioned by ABF Economics, found that the U.S. ethanol industry contributed over $42 billion to the nation’s gross domestic product (GDP) and supported 340,000 jobs in 2016. Additionally, the report states that the ethanol industry provided significant contributions in terms of displacing imported crude oil and petroleum products, and generating tax revenue.
According to the report, the U.S. produced 15.2 billion gallons of ethanol in 2016, which resulted in:
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Nearly $14.5 billion to the U.S. economy from manufacturing; |
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More than $22.5 billion in income for American households; |
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An estimated $4.9 billion in federal tax revenue and $3.6 billion in revenue to state and local governments; and |
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The displacement of 510 million barrels of imported oil. |