Washington, D.C. – The Energy Policy Act of 2005 has brought tangible prosperity to rural America since the bill was signed into law in August. The price of corn has more than doubled since last fall to $3 a bushel on the Chicago Board of Trade. Ethanol production now rivals exports as the primary use for corn in the United States, according to a recent USDA report. 

Chairman Domenici’s statement:

“As we approach the first anniversary of the energy bill, we can already see a remarkable revitalization of rural America. Right now, there are more than 100 ethanol refineries operating around the country capable of producing nearly 5 billion gallons of ethanol. More than 20 have come online since the energy bill became law, four just last month. Another 32 are being built and six are being expanded.

“This is an exciting time for rural America. The same bill that is bringing prosperity to parts of our country that, in some instances, haven’t seen prosperity in decades is also reducing our reliance on foreign oil. Our commitment to producing more of our own energy and our hopes for rural America were key drivers in the passage of the energy bill last year. I’m delighted to see those expectations being fulfilled in our heartland.”

In addition to the refineries being built and expanded, the ethanol industry estimates there are 150 projects in various stages of planning, some in unexpected states such as Hawaii and New York. Each ethanol refinery employs between 40 and 50 people directly and creates hundreds of jobs throughout the local economy.  In 2005, the U.S. ethanol industry supported the creation of 153,725 new jobs in all sectors of the economy, including more than 19,000 jobs in America’s manufacturing sector. 

The ethanol industry predicts that over the next six years, ethanol use will displace 2 billion barrels of foreign oil, create 234,840 new jobs, and boost American household incomes by $43 billion.