Agricultural News
Skor Highlights Biofuels' Ability to Drive Economic Growth at Senate Subcommittee Hearing
Tue, 22 Jun 2021 09:11:08 CDT
Today, Growth Energy CEO Emily Skor participated in the U.S. Senate Committee on Agriculture, Nutrition and Forestry Subcommittee on Rural Development and Energy hearing titled "Renewable Energy Growth and Opportunities for our Rural Economies". In the hearing, Skor spoke on biofuels' ability to drive economic growth using data from a new Growth Energy study, achieve our nation's carbon reduction goals, and provide critical jobs in rural America.
"Biofuels like ethanol are critical to meeting carbon reduction goals today and well into the future. In fact, studies show there is no path to net-zero emissions by 2050 without biofuels," said Emily Skor, CEO of Growth Energy. "The economic benefits of increased biofuel use are clear...Growing the share of renewable biofuels in America's fuel supply is crucial to achieving net-zero emissions and promoting high paying, clean energy jobs in rural America."
The new Growth Energy study conducted by ABF Economics shows that nationwide adoption of E15, a high-performance 15 percent biofuel blend, could offer significant economic benefits to consumers and workers alike. Authored by John M. Urbanchuk, managing partner of ABF Economics, the economic impact report indicates that nationwide access to E15 could add billions to the U.S. economy, generate greater household income, and save consumers money. Specifically, the data show that a nationwide transition to E15 would:
Add $17.8 billion to the U.S. GDP,
Support an additional 182,600 jobs,
Generate $10.5 billion in new household income, and
Save consumers $12.2 billion in fuel costs.
"Nationwide use of E15 will expand ethanol production and require a substantial increase in new production capacity relative to current E10 use," the study notes. "This expansion also will stimulate demand for agricultural feedstocks that will directly benefit farm income. The economic benefits from nationwide E15 use are significant increases in GDP, jobs supported in all sectors of the economy, household income and tax revenue."
These economic benefits would coincide with well-established environmental advantages offered by E15. A previous study released by Growth Energy demonstrated that a nationwide transition from E10 to E15 would lower greenhouse gas emissions by 17.62 million tons annually the equivalent of removing approximately 3.85 million vehicles from the road.
E15 is already popular at nearly 2,500 stations across 30 states, and drivers have chosen the biofuel blend to fuel more than 21 billion miles. E15 is approved for cars 2001 and newer more than 95 percent of cars on the road.
Read the full ABF report here.
Read Skor's oral testimony as prepared for delivery here.
Read Skor's written testimony submitted to the subcommittee here.
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