devastating consequences on the investments being made .”
Recently , Clean Fuels published a new study , “ Economic Impact of Biodiesel on the U . S . Economy 2022 ,” conducted by LMC International . The study finds that based on 2021 market data , the biodiesel and renewable diesel industry produced 3.1 billion gallons and generated $ 23.2 billion in economic activity , while supporting 75,200 jobs paying $ 3.6 billion in annual wages in the United States . For every 100-million-gallon increase in domestic clean fuel production , the direct , indirect and induced economic activity increases by $ 1.09 billion and U . S . jobs grow by 3,185 . The largest economic and employment benefits occurred in the farming , oilseed processing , and fuel production sectors .
The study further calculates that producing 6 billion gallons of clean fuels in the United States would increase overall economic activity from the current $ 23.2 billion to $ 61.6 billion and support 187,003 jobs earning $ 8.8 billion in wages . The construction of additional capacity would increase economic activity by an added $ 4.3 billion and support an additional 144,500 related temporary jobs earning $ 5.8 billion in wages , according to the study .
Clean Fuels Alliance America is the U . S . trade association representing the biodiesel , renewable diesel and sustainable aviation fuel supply chain , including producers , feedstock suppliers and fuel distributors . The fuels are made from a diverse mix of resources such as recycled cooking oil , soybean oil , and animal fats . Clean Fuels receives funding from a broad mix of private companies and associations , including the United Soybean Board and state checkoff organizations .
SHORT-TERM ENERGY OUTLOOK
The Energy Information Administration forecasts global liquid fuels consumption to increase by 1.1 million barrels per day ( b / d ) in 2023 and by 1.8 million b / d in 2024 , driven primarily by growth in China and other non-OECD countries . The outcomes of our demand forecast remain uncertain as China shifts away from its zero-COVID-19 policy and global economic conditions evolve .
Global liquid fuels production . We expect oil production in Russia to average 9.9 million b / d in 2023 , down 1.1 million b / d from 2022 . Our forecast for Russia ’ s 2023 production is 0.4 million b / d more than in the January STEO because crude oil liftings data suggest that Russia ’ s exports have remained higher than we expected following the EU ’ s ban on seaborne imports of crude oil from Russia that began on December 5 . However , we still forecast Russia ’ s oil production to fall in the coming months , as we expect the EU ’ s ban on seaborne petroleum products from Russia that began February 5 will cause refineries in Russia to reduce crude oil inputs , which will disrupt crude oil production .
Electricity generation . Electricity generation in our forecast falls by 2 % in 2023 and then rises by 2 % 2024 . The generation mix continues to shift away from coal . The share of U . S . electric-
12 MARCH 2023 | FUEL OIL NEWS | www . fueloilnews . com