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| Renewable Fuels Legislation Helps Illinois Rural Economy
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| Posted by: Community Fuels |
3/29/2006 |
From Brownsfield, Ill. There is currently renewable fuels legislation before the Illinois House that would provide the opportunity to create more than 36,000 jobs, helping the Illinois rural economy and providing a greater demand for Illinois corn and soybeans.
Wednesday, March 29, 2006
Renewable Fuels Legislation Helps Illinois Rural Economy |
From Brownsfield, Ill. There is currently renewable fuels legislation before the Illinois House that would provide the opportunity to create more than 36,000 jobs, helping the Illinois rural economy and providing a greater demand for Illinois corn and soybeans.
“This bill will provide the creation of new ethanol and biodiesel plants in Illinois and bring some benefits of the Renewable Fuel Standard to our state,” said President of the Illinois Corn Growers Association, John Kuhfuss. “It will help to get five plants started and provide long term research for making plants more efficient.”
A study conducted by LECG LLC indicates the demand for ethanol could reach at least 10 billion gallons by 2015 and shows the potential for Illinois to play a role in the expansion. The increased production of one billion gallons of ethanol will increase the demand for Illinois corn by over 360 million bushels.
John Urbanchuk, Director of LECG LLC said in an Illinois Corn Growers Association press release, “the ethanol industry already provides a significant contribution to the Illinois economy. In 2005, Illinois ethanol producers spent nearly $1.1 billion on raw materials, other inputs and goods and services. The largest share of this spending was for corn used as the raw material to make ethanol (valued at $625 million).”
According to the release the study also included the following results:
• Annual operations and capital spending for new plants to reach 1.88 billion gallons of ethanol in Illinois would add $8.9 billion to gross output in Illinois.
• The 14,500 jobs currently generated by the ethanol industry would add 36,700 new jobs, with 16,500 being permanent and the remainder being linked to construction.
• Increased economic activity and new jobs result in higher levels of household income or an additional $1.48 billion into the pockets of Illinois consumers annually.
• Tax benefits include more than $896 million of additional tax revenue for the Federal government and $82.6 million in added Illinois State and Local revenue per year.
The survey also says that one billion gallons of increased ethanol production would require up to 24 new ethanol refineries and each plant would generate more than $1 million in local and state tax revenue per year.
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by Lane McConnell and Tom Steever | |
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