Clean fuel companies are fueling economic growth in California and beyond. Our nation is nearly entirely dependent on petroleum (95%), with nearly half of the fuels we use made from foreign imports. Nearly all parts of our economy, from the products we make or services we provide, depend on transportation and are subject to the volatility of the global crude oil market.
Researchers from the U.S. Department of Energy estimate that our over-dependency on oil cost the nation’s economy about $460 billion in 2011, or roughly $2 trillion over the past five years. This equates to about 3 percent of our nation’s GDP. Stated another way, we are exporting $875,000 every minute.
To transition away from petroleum, we will need a whole suite of technologies. In addition to personal vehicles becoming more efficient and electrified, and more accessible public transit, we will need direct replacements for the liquid fuels we use in aviation, shipping, and other heavy duty industrial applications. This critical gap between our economic needs and the health of our economy is exactly the void that clean liquid fuels can fill.
We created Fueling Growth to provide a clearinghouse for information on how clean fuel companies are driving economic growth, including reports that examine the growth and potential of the domestic biofuel industry; fact sheets about the industry; videos and other stories that spotlight American biofuel companies in action; and a searchable map and state-by-state breakdown of companies involved in the advanced biofuels industry.