Regulation of Fuels and Fuel Additives: Renewable Fuel Standard ...

example, according to the AEO 2006, the value of total import expenditures of goods and
services exceeds the value of U.S. exports of goods and services to the rest of the world
by $695 billion for 2006 (for a net export level of minus $695 billion). 103 This net exports
level is projected to diminish to minus $383 billion by 2012. In Table IX.D-3, we
compare the avoided expenditures in petroleum imports versus the total value of U.S. net
exports of goods and services for the whole economy for 2012. Relative to the 2012
projection, the avoided petroleum expenditures due to the RFS would represent 0.9 to
1.5% of economy-wide net exports.
AEO2006 Total
Net Exports
- $383
Table IX.D-3
Avoided Petroleum Import Expenditures for 2012 ($2004 billion)
RFS Cases
Avoided Expenditures
in Petroleum Imports
Percent versus Total
Net Exports
7.5 $3.5 0.9%
9.9 $5.8 1.5%
103 For reference, the U.S. Bureau of Economic Analysis (BEA) reports that the 2005 import expenditures
on energy-related petroleum products totaled $235.5 billion (2004$) while petroleum exports totaled $13.6
billion – for a net of $221.9 billion in expenditures. Net petroleum expenditures made up a significant
fraction of the $591.3 billion current account deficit in goods and services for 2005 (2004$).
(http://www.bea.gov/)
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