While some other sectors of the U.S. economy are struggling right now, the future looks pretty bright for making money producing biodiesel and ethanol.

Wisconsin Ag Connection reports that an analysis from Frost & Sullivan titled “North American Biofuels Market: Investment Analysis,” shows that market earned revenues of nearly $10 billion last year will grow to $18.52 billion in 2012:

“Regulatory support coupled with the need to address the geopolitical risk posed by relying on the turbulent Middle East and Venezuela is driving the growth of the North American biofuels market,” notes Frost & Sullivan Research Analyst Shrikanth S. “Furthermore, there is a strong venture capital investment climate in the next-generation biofuels, which are expected to be more efficient, using algae, waste, straw, wood, and other forest-based inputs that can be found in abundance in the United States.”

The expanded Renewable Fuel Standard, Volumetric ‘Blender’ Tax Credit, Small Agri-biodiesel Producer Tax Credit, and Alternative Fuel Refueling Infrastructure Tax Credit provide the necessary regulatory support for the North American biofuels industry.

The article goes on to say that the U.S. is importing $1 billion a day from foreign countries… many times from countries not very friendly to the U.S., like Venezuela and Iran. Biofuels will help relieve some of that pressure, producing more than 15 billion gallons annually, up from today’s approximate 9 billion gallons a year.