Driving investment—locally and nationally
Approximately 70 percent of the money New Yorkers spend at the pump leaves the state economy, since New York produces very little petroleum and has no refining capability.
New York does, however, grow corn for ethanol production and produce ethanol at two major ethanol production facilities in the state: Western New York Energy in Orleans County produces more than 55 million gallons of ethanol annually, and the Sunoco ethanol plant in Volney delivers about 7 million gallons a month or 85 million gallons a year.
Each facility employs about 50 people directly. The NYSERDA Renewable Fuels Roadmap estimates that for every ethanol production job in New York, 10 to 14 related jobs are created. This translates to an estimated 1,100 to 1,500 jobs currently related to statewide ethanol production—numbers that can be expected to grow with increased demand for biofuels.
New York is also home to one of the first cellulosic ethanol production facilities in the country, a research and development facility in Rome operated by renewable fuel company Mascoma. Since New York has large reserves of biomass, which is used to produce cellulosic ethanol, there is great potential for far more biofuel production—and the economic growth related to it—in the State.
Potential impact on the US economy
Excerpted from analysis by the Biotechnology Industry organization
The US Renewable Fuel Standard (RFS) for transportation fuels sets minimum levels of renewable fuels that must be blended into gasoline and other transportation fuels from 2006 to 2022. The RFS levels for advanced biofuels production will drive the creation of a major new industry, creating a foundation for future technology development and commercial growth.
- Direct job creation from advanced biofuels production could reach 29,000 in 2012, rising to 94,000 by 2016 and 190,000 by 2022. Total job creation, accounting for economic multiplier effects, could reach 123,000 in 2012, 383,000 in 2016, and 807,000 by 2022.
- Investments in advanced biofuels processing plants alone would reach $3.2 billion in 2012, rising to $8.5 billion in 2016, and $12.2 billion by 2022. Cumulative investment in new processing facilities between 2009 and 2022 would total more than $95 billion.
Last Updated: 10/30/2012