Renewable fuels legislation, now being considered for Senate energy packages, could boost the U.S. economy by $300 billion — and provide up to 300,000 new jobs — by 2016, according to a study of legislation.

Increased use of American-made fuels, like biodiesel and ethanol, would generate an additional $71 billion in U.S. income over the next 15 years. The study was sponsored by Sen. Chuck Hagel (R-NE) and Sen. Tim Johnson (D-SD).