Included in the multi-billion dollar transportation bill, ethanol now can continue to offer a competitive, clean burning alternative to fossil fuels into the next century. Building a strong bipartisan coalition that included the White House, the Senate and House leadership, farm state lawmakers, Midwestern governors, and the grassroots helped ethanol to win on its merits. It's a win-win situation from every public policy perspective. It's good for American agriculture, the environment, our national security, the U.S. trade balance, and the rural economy. It's great news for a rural-based economy and American corn farmers.
Ethanol represents our third largest corn market, and demand for ethanol helps boost corn prices.
Plus, it lays out a strong commitment for the future of renewable fuels. Extending the ethanol tax credit gives the thumbs up to communities and farmer-owned cooperatives to build a local ethanol processing facility. It spurs job growth in our Midwestern towns and cities. Already, ethanol production accounts for 200,000 jobs nationwide. Ethanol means U.S. car makers can continue to unveil more ethanol compatible, environmentally friendly automobiles.