URBANDALE, Iowa - A recent study by the National Biodiesel Board found that biodiesel significantly contributes to the economies of both Iowa and the United States. Biodiesel production is estimated to create more than 39,000 new jobs by the year 2015 and $13.6 billion that would have been spent on foreign oil will remain in the U.S.

The biodiesel industry will also have a positive influence on farm prices. The added demand for soybean oil to produce biodiesel will increase the need for soybeans and raise soybean prices and revenue for growers. A study by the United States Department of Agriculture (USDA) shows that every 50 million gallons of biodiesel raises soybean prices one percentage point.

Iowa’s farmers, consumers and taxpayers will all directly profit from the expansion of the biodiesel industry. Farmers will benefit from the development and steady growth of domestic demand for soybeans to fuel biodiesel production. Iowa soybean farmers can expect average farm-level prices to increase an average of $0.095 per bushel over the next five years for an increase of $61 million in soybean cash receipts.

Increased production of biodiesel in Iowa will create nearly 13,800 new jobs in all areas of the economy by 2010. The new jobs combined with the revenue from the increase in biodiesel production will result in an additional $1.3 billion of household income for Iowans.

To learn more about ISA or about soy biodiesel, visit ISA’s Web site at www.iasoybeans.com or www.biodiesel.org.