Governor Matt Blunt bolsters his support for expanding the capacity of Missouri?s bio-fuels industry with a report from the Missouri Economic Research and Information Center. Blunt says the MERIC report shows that renewable fuels such as bio-diesel and ethanol help reduce dependence on foreign oil and help create more jobs. He says the study projects the industry will create 600 more jobs with an average income of $40 thousand by next year. He adds that the average number of new jobs over the next 10 years will be a projected 7,000 new jobs each year. He says the industry will generate $15 million every year in general revenue and nearly $500 million in new personal income. The study also shows that every dollar spent in the industry returns 18 dollars. Overall, Blunt says there will be an average of about $550 new dollars in economic activity each year. He affirms Missouri farmers have the power to fuel the nation. The state currently has 7 bio-fuel plants in Missouri and says more are being developed. Blunt says his proposal for the bio-diesel and ethanol incentive fully funds the industry and covers the more than $5 million the state promised, but has not yet fulfilled, for farmers through the ethanol incentive fund. The Governor also points out legislation he has sigend that requires all gasoline sold in Missouri to include a 10% ethanol blend beginning in 2008.
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