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Ethanol remains 'bright spot' in global economy

John Walter 06/26/2012 @ 9:37am

Global Ethanol production is expected to rise in 2012 by 1% to 22.5 billion gallons, according to a new report from the Global Renewable Fuels Alliance (GRFA).

Global annual production has now surpassed 536 million barrels of ethanol per year, the GRFA said in a statement.

“While the world’s financial health continues to preoccupy policy makers and governments, the global ethanol industry continues to be a bright spot in the world economy," GRFR said. "It continues to grow, supporting nearly 1.4 million jobs and contributing $277.3 billion to the global economy in 2010,” said GRFA spokesperson, Bliss Baker.

“The GRFA’s 2012 production forecast sees global ethanol production continuing to displace the need for hundreds of millions of barrels of imported crude oil, further reducing our crippling reliance on foreign oil,” Baker said. “Policy makers and governments must recognize the significant contribution biofuels are making to the global economy while reducing the world’s foreign oil consumption,” Baker said.

The U.S. and Brazil continue to be the largest producers of ethanol with production in those countries continuing at a steady pace in 2012, the report said.

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