The president of the Renewable Fuels Association (RFA) will present testimony Thursday to the Senate Energy and Natural Resource Committee at a hearing on the Energy Independence and Security Act of 2007.
Dinneen’s intends to tell the committee that the American ethanol industry stands ready to do its part to make the law successful.
Putting the importance of developing a renewable fuels industry in the context of reducing greenhouse gas emissions, Dinneen will note, “An analysis conducted for the RFA using the U.S. Department of Energy’s existing GREET model shows that increasing the use of ethanol and other renewable fuels to 36 billion gallons annually by 2022 could reduce greenhouse gas emissions by some 176 million metric tons, equal to removing the annual emissions of more than 27 million cars from the road.”
Moreover, given the downturn America’s economy is experiencing, Dinneen will underscore the important economic engine renewable fuel production can be for the nation. Economic analysis of the impact of increased domestic biofuel production and use as a result of the EISA anticipate the creation of more than 1 million new jobs, the addition of $1.7 trillion to the gross domestic product, and an increase in household incomes of more than $400 million.