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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. —Morrow et al. Adoption of all of the preceding policies.

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Congressional Budget Office estimates US federal policies promoting EVs and other fuel-efficient vehicles will cost $7.5B through 2019; little or no impact on gasoline use and GHG in the short term

Green Car Congress

Tax credits and gasoline prices necessary for various electric vehicles to be cost-competitive with conventional vehicles at 2011 vehicle prices. For example, an average plug-in hybrid vehicle with a battery capacity of 16 kWh would be eligible for the maximum tax credit of $7,500. Source: CBO. Click to enlarge.

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EIA: light duty vehicle energy consumption to drop 25% by 2040; increased oil production, vehicle efficiency reduce US oil and liquid imports

Green Car Congress

The rising fuel economy of LDVs more than offsets the modest growth in VMT, resulting in a 25% decline in LDV energy consumption decline between 2012 and 2040 in the AEO2014 Reference case. Domestic crude oil production increases sharply in the AEO2014 Reference case, with annual growth averaging 0.8 per year, from 21.5

Oil 290
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The Importance of Electrifying Municipal Vehicles

Clean Fleet Report

Saving on Fuel Expenses Clean, quiet streets EVs have a higher upfront cost than ICE vehicles, but thanks to Section 45W of the Inflation Reduction Act’s Internal Revenue Code, buyers can qualify for tax credits on vehicles placed in service within the next 10 years. Fuel prices remain steep.

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

Green Car Congress

These figures raise the pressing question of whether scarce government funds might be better allocated to move the United States towards a low-carbon economy. billion went to traditional sources—such as coal and oil—and $2.3 Most of the largest subsidies to fossil fuels were written into the US Tax Code as permanent provisions.

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Obama blueprint for a US economy “built to last” includes “all-of-the-above” energy strategy; call for 80% of US electricity from clean sources by 2035

Green Car Congress

President Obama used his last State-of-the-Union (SOTU) address of his term to outline four main elements of a blueprint for an “ economy that’s built to last: an economy built on American manufacturing, American energy, skills for American workers, and a renewal of American values. ”. That’s right—eight years.

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Oxy Low Carbon Ventures, Rusheen Capital Management create company to deploy Carbon Engineering’s direct air capture technology

Green Car Congress

This is an important step toward realizing our vision for a new, sustainable low-carbon economy, and we are dedicated to working with Rusheen and Carbon Engineering to ensure this critical technology becomes a global emissions reduction solution. —Richard Jackson, Oxy Low Carbon Ventures President and Chairman of 1PointFive.

Carbon 221