A new study shows that renewable fuels legislation now being considered for Senate energy packages could boost the U.S. economy by $300 billion. And, according to AUS Consultants, it could create as many as 300,000 new jobs by 2016.

Increased use of American-made fuels, like biodiesel and ethanol, would generate an additional $71 billion (1996 dollars) of income for America over the next 15 years through increased gross production and job creation.

The study assumes realized national goals of 1.2% renewable fuel use in 2002 increasing to 4% by 2016. The 4% level would displace the annual equivalent of 302 million barrels of crude oil by 2016, or nearly 2.9 billion barrels of crude oil between 2002 and 2016.