In an effort to quell skepticism over the renewable energy industry’s chances to meet the 10.5-billion Renewable Fuels Standard in 2009, the National Biodiesel Board has reaffirmed its industry’s ability to hold up its end of the deal… and then some.
The NBB released a statement saying not only will biodiesel meet its goal, but it will make up any shortfall by its ethanol brethren:
“The U.S. biodiesel industry’s contribution to the nation’s fuel supply will help ensure that the RFS targets for 2009 will be met,” said Manning Feraci, NBB’s Vice President of Federal Affairs. “In 2008 alone, the U.S. biodiesel industry produced nearly 700 million gallons of biodiesel, which equates to 1.05 billion ethanol equivalent gallons for purposes of the RFS.”
Currently, there are 176 plants in operation with the capacity to produce more than 2.61 billion gallons of biodiesel. In 2008, the U.S. biodiesel industry supported nearly 52,000 jobs in all sectors of the economy. This added $4.287 billion to the Gross Domestic Product (GDP); displaced 38.1 million barrels of petroleum; generated $866.2 million in tax revenue for federal, state and local governments; and reduced greenhouse gas emissions by 11.28 tons, the equivalent of removing 980,000 vehicles from U.S. roads.