Biodiesel to give U.S. economy a $24 billion boost over 10 years

Through almost 40,000 new jobs, increased farm and rural income and keeping money in America (instead of sending it overseas to pay for oil imports), the American biodiesel industry will pump $24 billion into the U.S. economy between 2005 and 2015. This information comes courtesy of the National Biodiesel Board (NBB) and was released in a study by John Urbanchuk of LECG. The $24 billion number will only be reached if national annual biodiesel production reaches 650 million gallons by 2015 (in 2006, about 200-250 million gallons were produced). Farmer soybean prices will rise by 10 percent by 2010 if about 500 million of those 650 gallons are made from soybeans. Urbanchuk told the High Plains Journal that rural communities will see the most economic benefits, especially in job growth.
[Source: High Plains Journal]