Some say growth in the biofuel industry can play a significant role in fueling this country’s economic engine. For example, there are about three-dozen cellulosic biorefineries currently in various stages of planning or construction. Six of these are already in operation producing biofuels.
Industry analyst Bio Economic Research Associates projects that advanced biofuel producers such as these can create more than one-hundred thousand new jobs by 2022. Many of these jobs will be in sectors hit hard by the current recession, such as agriculture and construction. Plus, analysts project that the growth of the industry could directly contribute over thirty-five billion dollars annaully to U.S. economic growth by 2022.
Another benefit, many believe, is that advances in biofuels can reduce annual oil imports by as much as $70 billion each year, also by 2022. This could save billions of dollars in oil imports over the next decade.
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