Archive for the ‘Emissions’ Category
Presentation Before the Energy Forum
On February 22, 2010 EPRINC made a presentation before the Energy Forum in New York at their event entitled “U.S. Refining Industry - Prospects for the Future.” EPRINC’s presentation, which assesses the impact of the Waxman-Markey cap and trade bill and other environmental and energy policies on the U.S. refining industry, has been posted on our website and can be downloaded here.
The presentation will also be posted at http://www.nyenergyforum.org
The Future of the U.S. Refining Industry Under Waxman-Markey
EPRINC has released an executive summary of its forthcoming report examining the future of the U.S. refining industry under the American Clean Energy and Security Act, also known as the Waxman-Markey bill.
A PDF version of the executive summary can be downloaded here and is posted on our publication page. The full report will be posted on our website later this week.
EXECUTIVE SUMMARY
EPRINC has evaluated the economic consequences to the U.S. refining industry of the American Clean Energy and Security Act (ACES), H.R. 2454, also known as the Waxman-Markey (W-M) energy and climate bill. The legislation calls for controlling emissions of greenhouse gasses (GHGs) by placing a price on GHG emissions. The bill passed the House of Representatives on June 26, 2009 and companion legislation is under discussion in the U.S. Senate.
Under the Waxman-Markey bill, both manufacturers (refiners) and importers of transportation and other fuels derived from crude oil would be required to purchase allowances to account for the carbon dioxide (CO2)emitted into the atmosphere as a result of combustion of these fuels beginning in 2012, two years before any free allowances are distributed. Allowances could be bought and sold under the legislation’s cap and trade program. U.S. refiners are responsible for approximately 45% of all emissions covered under Read More >>>
OGJ Editorial Discussing EPRINC’s Assessment of the Administration’s Tax Proposals
The Oil & Gas Journal published an editorial today which discusses EPRINC’s assessment (August 4, 2009) of the Obama Administration’s proposed taxes on the U.S. oil and gas industry:
“A new study by the Energy Policy Research Foundation Inc. (EPRINC), Washington, DC, challenges the rationale offered by the Treasury Department for tax changes that would hurt small producers and major companies alike. In fact, EPRINC says, the changes would have costly effects directly opposed to the administration’s assertions……Diminished security. Increased emissions of greenhouse gases. Net economic losses. Hampered ability of an important manufacturing industry to compete in its home market. These can’t be outcomes the administration had in mind when it proposed its first federal budget. They are very real possibilities, however, which must be taken seriously.”
The full article can be accessed at the Oil & Gas Journal’s website: Editorial: Unsound Energy Thinking
Cash for Guzzlers
The House Committee on Energy and Commerce reached an initial agreement on a proposal to promote sales of new automobiles in the U.S. market. The program is designed to increase auto sales and at the same time enhance the fuel efficiency and environmental performance of the U.S. auto fleet. The program resembles an initiative undertaken by the Unocal Corporation in the early 1990s to remove older autos from the market in an effort to find a lower cost approach to meet local air pollution standards.
Whether or not this program will stimulate auto sales is debatable and not the focus of this paper. Instead, this paper examines the program’s impact on U.S. gasoline consumption and tailpipe emissions. While the program may stimulate auto sales, the benefits in reduced demand for gasoline and total loadings of emissions from the tail pipe are minimal.
The “cash for guzzlers” program provides vouchers towards the purchase of a new vehicle if a consumer trades in an older car. A consumer will qualify for a voucher if they turn in a vehicle that achieves less than 18 mpg and replace it with a new car that is at least 4 mpg more efficient. An improvement of 4 mpg yields a voucher worth $3,500 and an improvement of 10 mpg yields a voucher worth $4,500. Under the proposed program consumers may also purchase a SUV or light truck. The new light truck or SUV vehicle must be 2 mpg more efficient in order to earn a $3,500 voucher or 5 mpg more efficient to earn $4,500 voucher. The program seeks to replace one million vehicles and will remain in Read More >>>
