1、Balancing the Benefits of Biofuels THE ECONOMICS OF U.S.CROP-BASED FUEL PRODUCTIONJULY Stillwater Associates is a transportation fuels consulting firm specializing in mid-to downstream markets.We are fueling the futureof transportation energy with trusted industry experience.Our associates leverage

2、decades-long careers at major oil corporations and government agencies to help clients navigate challenges with the highest level of industry knowledge,market analysis,policy insight,and emerging technology strategies.Ourclients include government agencies,petroleum and renewable fuels companies,tra

3、de associations,technology developers,private equity firms and law firms.Contributing authors:Megan Boutwell,Mike Leister,Jim Mladenik,Leigh Noda,Dr.Adam Schubert,Kendra Seymour,and Gary Yowell.Stillwaters team was joined by Dr.Madhu Khanna,the ACES Distinguished Professor of Environmental Economics

4、 in the Department of Agricultural and Consumer Economics and Alvin H.Baum Family Chair and Director of the Institute for Sustainability,Energy,and Environment,the University of Illinois at Urbana-Champaign.Disclaimer:Stillwater Associates LLC prepared this report for the sole benefit of the Transpo

5、rtation Energy Institute and no other party.Stillwater Associates LLC conducted the analysis and prepared this report using reasonable care and skill in applying methods of analysis consistent with normal industry practice.All results are based on information available at the time of preparation.Cha

6、nges in factors upon which the report is based could affect the results.Forecasts are inherently uncertain because of events that cannot be foreseen,including the actions of governments,individuals,third parties,and competitors.Nothing contained in this report is intended as a recommendation in favo