One of the world's largest ethanol producers, POET on Thursday released its first-ever economic impact study, quantifying its contribution to economic growth and job creation.
According to the report, POET in 2014 generated a total of $13.5 billion in sales for U.S. businesses; added $5.4 billion in national gross domestic product; supported an estimated 39,978 full time jobs; and contributed $3.1 billion in income for American families.
The report breaks down the impact based on each of the seven states where POET operates – South Dakota, Minnesota, Iowa, Missouri, Indiana, Ohio and Michigan.
POET, which is headquartered in Sioux Falls, S.D., operates a total of 27 dry mill corn ethanol plants with an annual capacity of 1.7 billion gallons, or more than 11% of the total U.S. ethanol output.
"Ethanol provides us the means to produce our own clean fuel and keep the enormous economic benefits within America's borders," POET CEO Jeff Lautt said. "The impact flows from the plants to farmers, communities, throughout the states in which they operate and across the nation."
In addition, the report cites POET's impact on reducing foreign oil dependence. According to the study, POET's production of 1.7 billion gallons of ethanol displaces nearly 1.2 billion gallons of gasoline, which requires 61 million barrels of crude oil to produce. This displacement potentially reduces the outflow of money to foreign producers of oil by nearly $5.5 billion.
The use of POET ethanol also reduces greenhouse gas emissions relative to gasoline. Burning a gallon of ethanol opposed to gasoline results in a 35% reduction of carbon dioxide emissions. Reflecting this, the production of 1.7 billion gallons of POET ethanol cuts CO2 emissions by approximately 874,000 metric tons.
To read the full report, visit POET's website.