Full Report Examining the U.S. Refining Industry under Waxman-Markey Posted
The full version of EPRINC’s report examining the fate of the U.S. refining industry under the American Clean Energy and Security Act (commonly referred to as Waxman-Markey bill) has been posted on our publications page and can be downloaded directly here.
The executive summary of this report is also on our publications page and can be downloaded directly here.
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 >>>
EPRINC Hosted Workshop for Congressional Staff on September 28
EPRINC, along with The Brookings Institution and the University of Texas at Austin Center for Energy Economics, Bureau of Economic Geology, hosted a workshop for Congressional staff on September 28. The workshop reviewed policy initiatives affecting the oil and gas industry, in particular the proposed repeal of several tax preferences that promote domestic oil and natural gas development.
Presentations from the workshop can be downloaded from EPRINC’s publication section.
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
Mr. Luis Giusti Joins EPRINC’s Board of Trustees
EPRINC PRESS RELEASE
August 14, 2009
Luis Giusti, CEO of Alange Energy Corporation, a recently formed oil and gas production enterprise with assets in Columbia, has joined the Board of Trustees of the Energy Policy Research Foundation, Inc. (EPRINC). Mr. Giusti is also a senior adviser at Center for Strategic and International Studies, a member of the advisory board of Riverstone-Carlyle, and a member of the board of governors and special adviser to the chairman of the Centre for Global Energy Studies in London. Between September 2000 and September 2005 he was a non-executive director of Royal Dutch Shell. He brings a truly unique set of international petroleum expertise and experience to EPRINC.
Mr. Giusti began his career at Shell Corporation in Venezuela. In 1976, he joined Maraven, S.A., an operating affiliate of Petroleos de Venezuela, S.A. (PDVSA). At PDVSA, he held diverse positions related to exploration and production, refining, corporate planning, and marketing. In 1994 he was appointed chairman and CEO of the corporation, a job he held until March 1999. Under his leadership, the Venezuelan petroleum sector underwent major reform, which included an opening to private participation, with resulting estimated foreign direct investments of about $30 billion for the period 1995 to 2004. Over the last five years of his tenure at PDVSA, the company continued to consolidate its international downstream Read More >>>
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- Full Report Examining the U.S. Refining Industry under Waxman-Markey Posted
- The Future of the U.S. Refining Industry Under Waxman-Markey
- EPRINC Hosted Workshop for Congressional Staff on September 28
- OGJ Editorial Discussing EPRINC’s Assessment of the Administration’s Tax Proposals
- Mr. Luis Giusti Joins EPRINC’s Board of Trustees