article thumbnail

How crude-oil prices influence gasoline prices

Green Car Congress

Gasoline is one of the products refined from crude oil. Thus, the price of crude oil should have a strong influence on the price of gasoline. The Energy Information Administration (EIA) estimates that in the United States from 2008 to 2017, crude oil represented only 61% of the retail price of gasoline. for a 10-day lag.

article thumbnail

DOE: Adjusted for inflation, the price of gasoline in 2019 was similar to the price in 1929

Green Car Congress

The graph below shows the effect of the oil embargo in the early 1980s. From 2002 to 2008, the price of gasoline rose substantially, but then fell sharply in 2009 during the economic recession. Note: Retail price includes Federal and State Taxes.

Gasoline 418
article thumbnail

Biodiesel Board Study Asserts Critical Importance of Biodiesel Tax Credit, Calls for Extension

Green Car Congress

The original biodiesel tax credit was passed in 2004 and has been extended twice. Biodiesel produced from both virgin feedstocks (such as soybean oil) and waste feedstocks such as yellow grease and animal fats qualifies for the $1.00 per gallon excise tax credit. Economic Impact of Eliminating the Biodiesel Tax Credit.

article thumbnail

Study Finds that US Subsidies for Fossil Fuels Are Almost 2.5x Those for Renewables

Green Car Congress

US subsidies for fuels and renewable energy, 2002-2008. The study, “Estimating US Government Subsidies to Energy Sources: 2002-2008”, found that fossil fuels benefited from approximately $72 billion over the seven-year period, while subsidies for renewable fuels totaled $29 billion. Nuclear was not included in the analysis.

Renewable 338
article thumbnail

Massachusetts to Accept Only Waste-Derived Biofuels to Qualify for Mandate for Diesel and Home Heating Oil

Green Car Congress

Waste feedstock shall include, but not be limited to: waste vegetable oils, waste animal fats, substances derived from wastewater and the treatment of wastewater or grease trap waste. Governor Patrick signed the Clean Energy Biofuels Act on 28 July 2008. Massachusetts Advanced Biofuels Task Force report (2008). Biofuels mandate.

article thumbnail

Belfer Center Study Concludes Reducing Car and Truck GHG Emissions Will Require Substantially Higher Fuel Prices; Income Tax Credits for Advanced Alt Fuel Vehicles Are Essentially Ineffective at Reducing Sector Emissions

Green Car Congress

The study— Analysis of Policies to Reduce Oil Consumption and Greenhouse-Gas Emissions from the US Transportation Sector —finds that reducing CO 2 emissions from the transportation sector 14% below 2005 levels by 2020 may require fuel prices above $8/gallon by 2020. million barrels per day, relative to 2008 levels.

article thumbnail

UK Government Pre-Budget Report Offers Tax Exemptions for EVs, £30M in Additional Support for Low-Carbon Vehicles; Annual Fuel Tax Increases and End of Duty Differential for Biofuels

Green Car Congress

In the Pre-Budget Report (PBR) released on 9 December, UK Chancellor Alistair Darling announced that all electric cars will be exempt from Company Car Tax (CCT) for 5 years and electric vans will be exempt from Van Benefit Charge (VBC) for the same period. As also announced in the 2008 Budget, the 20 pence per liter (US$1.21

Tax 186