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Effects of Increased Biofuels on the U.S. Economy in 2022

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Author Info

  • Gehlhar, Mark J.
  • Somwaru, Agapi
  • Somwaru, Agapi

Abstract

Achieving greater energy security by reducing dependence on foreign petroleum is a goal of U.S. energy policy. The Energy Independence and Security Act of 2007 (EISA) calls for a Renewable Fuel Standard (RFS-2), which mandates that the United States increase the volume of biofuel that is blended into transportation fuel from 9 billion gallons in 2008 to 36 billion gallons by 2022. Long-term technological advances are needed to meet this mandate. This report examines how meeting the RFS-2 would affect various key components of the U.S. economy. If biofuel production advances with cost-reducing technology and petroleum prices continue to rise as projected, the RFS-2 could provide economywide benefits. However, the actual level of benefits (or costs) to the U.S. economy depends importantly on future oil prices and whether tax credits are retained in 2022. If oil prices stabilize or decline from current levels and tax credits are retained, then benefits to the economy would diminish.

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File URL: http://purl.umn.edu/96758
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Bibliographic Info

Paper provided by United States Department of Agriculture, Economic Research Service in its series Economic Research Report with number 96758.

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Date of creation: Oct 2010
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Handle: RePEc:ags:uersrr:96758

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Keywords: Bioenergy; economywide; ethanol; petroleum; trade; macroeconomic factors; RFS-2; Resource /Energy Economics and Policy;

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  1. Harry de Gorter & David R. Just, 2010. "The Social Costs and Benefits of Biofuels: The Intersection of Environmental, Energy and Agricultural Policy," Applied Economic Perspectives and Policy, Agricultural and Applied Economics Association, vol. 32(1), pages 4-32.
  2. Torre Ugarte, Daniel de la & Walsh, Marie E. & Shapouri, Hosein & Slinsky, Stephen P., 2003. "The Economic Impacts of Bioenergy Crop Production on U.S. Crop Production," Agricultural Economics Reports 33997, United States Department of Agriculture, Economic Research Service.
  3. Ian Sheldon & Matthew Roberts, 2008. "U.S. Comparative Advantage in Bioenergy: A Heckscher-Ohlin-Ricardian Approach," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 90(5), pages 1233-1238.
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Cited by:
  1. Nicole Condon & Heather Klemick & Ann Wolverton, 2013. "Impacts of Ethanol Policy on Corn Prices: A Review and Meta-Analysis of Recent Evidence," NCEE Working Paper Series 201305, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Oct 2013.
  2. Mitchell, Paul D., 2011. "Economic Assessment of the Benefits of Chloro-s-triazine Herbicides to U.S. Corn, Sorghum, and Sugarcane Producers," Staff Paper Series 564, University of Wisconsin, Agricultural and Applied Economics.

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