Quote of the Day
"The U.S. economy expanded at a faster clip than initially forecast in the third quarter, helped by more robust consumer spending and by stronger exports. The economy grew at a 2.5% annualized pace in the quarter, revised up from the initial estimate of 2.0%, the government said in its second estimate of quarterly gross domestic product. GDP growth was 1.7% during the second quarter.”
- Wall Street Journal’s MarketWatch, 11/23/2010
Ethanol
Domestic ethanol production has enhanced rural development, reduced our dependence on foreign oil, improved air quality, and increased the value of corn. Illinois corn is used to produce 40% of the nation's ethanol. As one of the largest producers of corn, Illinois has much to gain from ethanol's presence and expansion in the market. In addition, the federal government has provided millions of dollars for the ethanol pilot plant at SIU-Edwardsville which is now operational.
The Congress approved H.R. 6, the final version of national energy policy legislation, in 2006 which will double ethanol production. The national Renewable Fuel Standard for ethanol will reach 7.5 billion gallons annually by 2012, up from 3.7 billion gallons. Illinois ranks second in corn production and currently produces over 800 million gallons of ethanol per year. Ethanol industry investment in the state has surpassed $1 billion, creating 800 ethanol plant jobs and supporting 4,000 jobs in related service businesses.
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