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Bush Administration Proposes Renewable Fuels Standard

Projecting annual cuts up to 3.9 billion gallons in petroleum use and 14 million tons in greenhouse gas emissions, the Bush Administration today proposed a Renewable Fuels Standard (RFS) Program designed to reduce the nation’s dependence on foreign oil by doubling the use of renewable fuels such as ethanol and biodiesel. The program, authorized by the Energy Policy Act of 2005, will promote use of fuels largely produced by American crops. “For years, our nation’s rolling farm fields have filled America’s breadbaskets. Now, by helping meet President Bush’s renewable energy goals, these same fields are filling America’s gas tanks,” said U.S. EPA Administrator Stephen L. Johnson. “Under President Bush’s leadership, EPA is working with our partners in agriculture and industry to produce solutions that are good for our energy security, good for our environment, and good for the American people.” A national RFS will expand the use of biodiesel and ethanol, creating new markets for farm products and greater energy security. Advanced technologies under development could make it possible to produce renewable ethanol from agricultural and industrial waste at a cost competitive with today’s gas prices. “The Renewable Fuels Standard recognizes the value of home-grown energy, and it supports our […]

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Reducing U.S. Emissions Could Cost Less Than 1% GDP

Implementing one of the many congressional proposals to reduce greenhouse gases (GHGs) in the US would cost the country less than one per cent of GDP over a 22 year period, according to a report US Department of Energy researchers released on September 5. This report responds to a request from Congressmen Tom Udall and Tom Petri for an economic and industry analysis of the greenhouse gas (GHG) emissions regulations specified in H.R.5049, the Keep America Competitive Global Warming Policy Act. The legislation, introduced March 29, 2006, establishes a market-based emission allowance program to cap GHG emissions at their 2009 projected level and to limit the potential impacts of the bill on energy prices through the sale of additional allowances at a “safety-valve” price. The safety-valve provision, if triggered, implicitly relaxes the emissions cap. H.R. 5049 specifies guidelines for allocating tradable emission allowances to compensate affected parties, provide transition and low-income assistance, fund research and development programs, and assist with emissions reduction projects in developing countries. Up to 10 percent of the emission allowances are to be allocated for free to the oil, natural gas, and coal industries, which must submit allowances equal to the carbon dioxide (CO2) emissions from […]

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