ّCurrency: This publication is a compilation of the text of Public Law It was last amended by the public law listed in the As Amended. One of the most interesting was the price regulation and product allocation system set in place by the Energy Policy and Conservation Act of (EPCA) which. The Energy Policy and Conservation Act (EPCA) of established an energy conservation program for pumps and other equipment. EPCA authorizes DOE to .
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Once again, the API represents the gas producers seeking to liberalize gas exports from the US, and the individual consumer lobby remains unorganized.
Furthermore, 19775 President was given authority to order maximum domestic oil and gas production, and the President was directed to submit plans for energy conservation and energy rationing in case of a fuel shortage. The EPCA artificially limits crude exports and thus gives rise to an anomalous situation in which high quality crudes cannot command their due premium.
Recent events have led to renewed interest in the petroleum industry. Both groups assembled shortly after the price crash in that enabled the prospect of exports.
Energy Policy and Conservation Act
Although the Executive branch has granted a few export licenses, demand for such licenses far outstrips the pace at which they are granted. Environmental groups have opposed lifting the ban because it would mean more oil sales, more drilling and more oil production with all its environmental impacts, increasing emissions of carbon dioxide and other pollutants.
By continuing to use this website, you agree to their use. Volume24, issue Number 2, Abstract: Despite imposing measures and tariffs to raise prices and spur domestic energy production, it was not intended to be redistributional legislation.
A ban that benefits only American oil refiners is under fire The Economist, 28 Mach With some exceptions, the results indicate that the EPCA regulation epcaa either raised prices or had no effect. With the US tight oil boom, the market has experienced an influx of high quality crude to the domestic US market that has no choice but to be sold to US refiners.
Energy Policy and Conservation Act – Wikipedia
Bans Crude Oil Exports: Under the EPCA and presidential discretion, most crude exports are illegal and, because oil is usually not useful in its crude form, this stock can only be converted into refined products.
The law has banned crude oil exports, with the U. This journal article can be ordered from http: The EPCA sensibly tried to improve US energy security by adding resilience to the energy market, primarily by addressing supply and demand and the inelasticities therein. Unintended Consequences The EPCA was enacted during a time of unprecedented national duress; its main objective was the implementation of 19755 measures to improve resilience and address slow-moving variables such as general oil demand, efficiency, and conservation.
Thus, export restrictions directly benefit the end consumers of gas. This analysis seeks examine the dynamics and political economy of the American energy market and interest groups therein. Energy Conservation Program for Consumer Products. Retrieved 2 April Furthermore, environmental regulations prevent an expansion of refining capacity, with the most recent US refinery dpca online in With these aims, the low domestic energy prices in the present are not an original aim of the legislation.
Introduced in the Senate as S. One of the most interesting was the price regulation and product allocation system set in place by the Energy Policy and Conservation Act of EPCA which lasted from until Domestic and foreign producers both contribute to the stock of crude oil.
Notify me of new comments via 19975. As such, the Act creates the conditions for the existence of interest groups, which then undermine the aims of US energy security. Nearly 40 years later, the US has met many of the conditions for energy security, and, as an unintended consequence, the provisions of the Act have come to serve the interests of narrow groups within society rather than contribute, in any real sense, to American energy security.
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Differentiating between the US in and serves to highlight the great strides taken to improving American energy security, both as a result of the EPCA and exogenous factors. Structural changes shifting the economy to services and increases in energy efficiency and conservation resulting from high prices in the s and s have been largely responsible. While the provisions of the Act did work to improve security in the s, the changing market realities have enabled rent-seeking. The small number of players in the distributional conflict ensured that interest groups organized quickly and held enough power to shape the distributional conflict and at a minimum delay, if not prevent, changes to the lucrative niches created as a result of the EPCA.
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Energy Policy and Conservation Act of 1975
Natural gas is not a globalized commodity; it is confined to regional markets due to transportation costs. Is your work missing from RePEc?
Given that the recent US production boom and decrease in overall demand has moved the prospect of exporting substantial quantities of oil closer to reality, this has increased the impetus for organization among the various benefactors and losers of the present system. To determine the impact of this regime, supply and demand equations are used to derive a reduced form model to test whether the other-things-equal prices of petroleum products were significantly lower or higher during the EPCA period than during the comparatively unregulated s.
The rent-seeking that the act has enabled is most apparent in the organization of separate interest groups seeking to influence policy decisions on the liberalization of oil and gas exports.
You are commenting using your Twitter account. Ickes advocated the stockpiling of emergency crude oil in Views Read Edit View history. You are commenting using your Facebook account. In the s this caveat was irrelevant as few such products were exported. Commerce Department able to grant exceptions for certain types of oil. The Act sought to encourage diversification away from the use of oil by supporting alternatives such as additional coal usage.
Recipients of the loan guarantees are required to have a contract with a customer who is certified by the Environmental Protection Agency to operate their plant in compliance with the Clean Air Act.
The primary consumers of gas are private end consumers for heating, power plants for electricity generation, industrial consumers, and chemical companies that use natural gas as feedstock. Incrude oil exports peaked at million epac, dropping to Fill was resumed in