In this article, the authors assess the long term economic impacts on United States household consumption and the Gross Domestic Product from meeting the Renewable Fuels Standard. The article notes that the Renewable Fuels Standard (RFS) was set by the 2007 passage of the Energy Independence and Security Act (EISA). The article also notes that there has been debate about the effect of proposed tax credits for biofuel developers. Some argue that tax credits will cost taxpayers billions of dollars each year, while others say that the benefits of biofuels over crude oil will outweigh the costs of tax credits.
Gehlhar, M., Somwaru, A., Dixon, P., Rimmer, M., & Winston, R. (2010). Economywide implications from US bioenergy expansion. American Economic Review, 100(2), 172 - 177. https://doi.org/10.1257/aer.100.2.172