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Economic Effects
Renewable energy, energy efficiency, transportation and the electrical grid account for the majority of the U.S. federal budget in environmental spending, according to the Center for American Progress' website. Government spending in these areas will spark economic growth elsewhere as it creates jobs and a domestic market for alternative fuel.
Federal and state governments have a number of incentives in place to encourage the implementation of alternative fuels for cars, homes and businesses. For example, the Alternative Fuel Tax Exemption incentive alleviates any tax on alternative fuel used for farm equipment or school buses.
Environmental Effects
Biofuels emit fewer greenhouse gases than petroleum-based fuels. According to the U.S. Department of Energy's website, the United States releases more than 1.7 billion tons of carbon dioxide yearly into the atmosphere. Using lower-carbon fuels, such as ethanol, or driving an hybrid electric car that has a better gas rating, reduces the amounts of carbon released.
Oil spills present a problem while drilling for oil, especially off shore. Marine life suffers from the thick crude oil, which decreases oxygen levels in the water and introduces toxic chemicals into the water. Oil spills also destroy habitats nestled on the shorelines. Using energy sources that require little disruption in wildlife improves the sustainability of diverse ecosystem, which is vital for a healthy planet.
Political Effects
The Organization of the Petroleum Exporting Countries (OPEC) controls 2/3 of the world's oil supply of oil, and more than 1/2 of the United States' oil is imported. The United States spends $1 billion per day for foreign oil, and the money often goes to countries that are not U.S. allies.
Localizing U.S. fuel sources will promote national security and remove funding from countries that support radical regimes and undemocratic ideals. Keeping fuel sources at home also encourages American innovation and domestic development.