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A new report from MIT’s Joint Program on the Science and Policy of Global Change suggests that a tax on carbon emissions could help raise the money needed to reduce the US deficit, while improving the economy, lowering other taxes and reducing emissions. They found that the tax would raise $1.5
The California state legislature passed and the Governor signed into law a bill ( AB-2663 ) that lowers the Use Fuel Tax rate of dimethyl ether (DME) from $0.18 per gallon of DME-propane fuel blend used on or after 1 July 2021 (the same tax rate as propane, $0.06 per gallon of DME used and $0.06 per gallon). Oberon’s process.
France’s Constitutional Council, the highest constitutional authority in the country, ruled in favor of excluding palm oil from the list of biofuels that enjoy tax incentives. Oil company Total has estimated it is worth between €70 million and €80 million per year. The decision enters into force on 1 January, 2020.
In January 2023, state taxes and fees on gasoline and diesel fuel averaged $0.3163 per gallon (gal) of gasoline and $0.3388/gal of diesel fuel, according to the US Energy Information Administration (EIA). These taxes have increased in 13 states since July 2022. gal), although that low tax rate will gradually increase through May 2023.
The American Petroleum Institute has released its January 2014 update report and maps on gasoline and diesel taxes for all 50 states in the US along with a national average; the information is updated quarterly. Gasoline taxes, January 2014. Diesel taxes, January 2014. The federal tax on gasoline is 18.40 Source: API.
China’s legislature voted on Friday to adopt a new tax based on engine size to encourage the use of smaller engines in vehicles and vessels to reduce pollution and oil dependence. The annual taxes on vehicles and vessels range from 60 yuan to 5400 yuan, according to engine size as stipulated by the new law. liter to 1.6
The point-of-sale EV tax credit is very popular. And are plug-in hybrids potentially adding to future oil demand? With the release of its annual EV sales outlook, Bloomberg New Energy Finance suggests that plug-in hybrids are a wild card for oil demand. Porsche adds thousands of chargers to its app.
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.
President Biden called on Congress to suspend the federal gas tax for the next 90 days, through the busy summer driving season—18 cents per gallon for gasoline and 24 cents per gallon for diesel. He also called on states to suspend their state gas taxes as well or to find other ways to deliver some relief.
The government of Jordan and the Saudi Arabian Corporation for Oil Shale (SACOS) recently signed a $2-billion agreement under which the government grants the Saudi company the right to extract and to develop the oil shale resources in the Attarat Um-AL-Ghudran region covering an area of 11 square kilometers.
Caelus Energy Alaska, LLC, a privately held independent exploration and production company, announced that its subsidiary, Caelus Energy Alaska Smith Bay LLC, has made a significant light oil discovery on its Smith Bay state leases on the North Slope of Alaska. This discovery could be really exciting for the State of Alaska.
introduced the latest in a series of discussion drafts to overhaul the US tax code. This new staff discussion draft focuses energy tax policy on stimulating domestic, clean production of electricity and transportation fuels, which account for 68% of energy consumed in the US. Specific proposals include: Clean electricity tax credit.
aggregated to the county level given a 10 cent per gallon tax shows tremendous. Economists view higher gasoline taxes as one solution to reducing gasoline consumption and thus air pollution, greenhouse gas emissions, and reliance on oil, while at the same time providing revenue to the government for highway repair and construction.
The width of the pipeline network (green lines) is proportional to CO 2 flow; the largest CO 2 flow is approximately 36 MtCO 2 / yr for the $155/tCO 2 scenario (pipeline leaving the Athabasca oil sands area). The Alberta oil sands industry is expected to rapidly expand in coming decades; production could double or more in the next 10?15
Petrobras’ oil and natural gas output in Brazil was 2,407,366 barrels of oil equivalent per day (boed) in June, 4% more than the 2,315,117 barrels produced a year earlier and a 2% increase over May 2011. Figuring in the exclusive production of oil from domestic fields, the company had an increase of 2.2% This was 6.9%
Domestic crude oil production increases sharply in the AEO2014 Reference case, with annual growth averaging 0.8 While domestic crude oil production is projected to level off and then slowly decline after 2020 in the Reference case, natural gas production grows steadily, with a 56% increase between 2012 and 2040, when production reaches 37.6
The graph below shows the effect of the oil embargo in the early 1980s. Note: Retail price includes Federal and State Taxes. From 2002 to 2008, the price of gasoline rose substantially, but then fell sharply in 2009 during the economic recession.
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. The vast majority of subsidy dollars to fossil fuels can be attributed to just a handful of tax breaks, such as the Foreign Tax Credit ($15.3
Speaking at the at the University of Toronto’s Hart House Alumni Dinner Series, Canada Minister of Natural Resources, Joe Oliver, emphasized the pivotal role that Canada’s oil sands will continue to play in the country’s energy future. New energy markets and infrastructure offer tremendous benefits to Canada and Canadians.
Minor changes to an existing Federal tax incentive for second-generation biofuels (i.e., Minor changes to an existing Federal tax incentive for second-generation biofuels (i.e., In addition, the industry faces barriers from the impending “blend wall” of 10% ethanol in gasoline and uncertainty regarding policies and oil prices.
Gulf Oil LP, a national branded supplier of motor fuels throughout the United States and its territories, has deployed 34 transport trucks that run on liquefied natural gas (LNG). In addition, Gulf will soon be supplying and distributing LNG to customers in the transportation sector and other interested bulk users.
Commonwealth countries can cut their cumulative oil bill by £2 trillion (US$3.2 Given that about half the Commonwealth’s and world’s oil is used in transport and oil accounts for about 95% of transport fuel use, this could spell economic disaster for the oil importing countries which make up the vast majority of the Commonwealth.
ConocoPhillips has entered into an agreement to sell its 100% interest in the Clyden oilsands leasehold to Imperial Oil and ExxonMobil Canada for approximately $720 million (C$751 million) before customary adjustments. ConocoPhillips currently holds approximately 1.1 million net acres of land in the Athabasca Region of northeastern Alberta.
President Obama has laid out a plan for building a “21st Century Clean Transportation System”, the investment for which would be funded by a new $10 per barrel fee on oil paid by oil companies, which would be gradually phased in over five years.
The possibility of an extension for the $7,500 federal EV tax credit has recently intensified lobbying efforts in Washington D.C.—and —and pitted the efforts of the auto industry soundly against those of the oil and gas industry. So reports the Washington Post.
When reports emerged that India and China are in talks about forming an oil buyers’ club , OPEC was probably too busy with its upcoming June 22 meeting to concern itself with that dangerous alliance. What’s more, they might not be alone in this attempt to curb OPEC’s clout on the global oil market. The timing is right. The boom in U.S.
Its board of directors, the private investment instruments it sets up, and the necessary tax changes should ideally be approved by referendum and could be annulled only by another referendum, the goal being to build the necessary level of confidence, they suggest. The fund would also encompass an industrial development plan.
Royal Dutch Shell plc announced the completion of two previously announced agreements by Shell Canada Energy, Shell Canada Limited and Shell Canada Resources (Shell) that will see Shell sell all its in-situ and undeveloped oil sands interests in Canada and reduce its share in the Athabasca Oil Sands Project (AOSP) from 60% to 10%.
If the proposed broad 20% border-adjustment tax were implemented and applied to the energy sector, the result would likely lead to a large increase in gasoline prices and a big premium in domestic oil prices vs. international, according to new analysis by Bloomberg Intelligence. Pump prices could rise an average $0.30
thousand barrels of petroleum products per day.Bhutan is seeking to reduce its oil imports significantly. Bhutan (population 725,296 as of a 2013 estimate ) generates sufficient hydro-electricity that clean energy is the country’s major export, but it must import fossil fuels to run its current vehicle fleet.
The first year of maintenance is free of charge and customers are eligible for a tax credit (subject to individual tax circumstances) from the state of California for up to $5,000. NEXO can be leased for $399 (Blue model) or $449 (Limited model) for 36 months and can be purchased for $58,300. kg during the manufacturing process.
Since it does not have an oil filter, a gearbox or a clutch, mechanical stresses, wear and breakage are significantly reduced and the brake pads suffer less wear as a result of the regenerative braking system. There are tax incentives in most European countries. The Club version, available in sizes M and XL, is the most versatile.
Russia’s central bank recently warned about the growing financial risks to the Russian economy from Saudi Arabia encroaching upon its traditional export market for crude oil. Russia sends 70 percent of its oil to Europe, but Saudi Arabia has been making inroads in the European market amid the oil price downturn.
When reports emerged that India and China are in talks about forming an oil buyers’ club , OPEC was probably too busy with its upcoming June 22 meeting to concern itself with that dangerous alliance. What’s more, they might not be alone in this attempt to curb OPEC’s clout on the global oil market. The timing is right. The boom in U.S.
The proposal was drafted as two measures, the Climate Protection Act —which sets the carbon price and finance programs for sustainable technologies—and the Sustainable Energy Act —which ends federal support for fossil fuel companies and research and extends tax incentives for renewables. per year over a 10-year period.
The study considers five different powertrains (internal combustion engine, hybrid-electric, plug-in hybrid-electric, fuel-cell-electric, and battery-electric) and 12 cost components (purchase cost, depreciation, financing, fuel, insurance, maintenance, repair, taxes, registration fees, tolls and parking, payload capacity and labor).
Three different carbon tax scenarios are analyzed: no carbon tax, $55/metric ton carbon tax and $110/metric ton carbon tax. This break-even crude oil price compares favorably with the literature estimated prices of fuels from alternate biochemical and thermochemical routes. —Singh et al.
Since then, support for expanding production of oil and other traditional sources has increased among most demographic and political groups; the shift among Republicans has been particularly pronounced. Opinion about tax cuts for energy companies is about where it was in 2008.
A number of factors are pushing Saudi Arabia to raise its crude-oil production capacity, but the wide range of potential outcomes suggests that such an increase is a risky strategy for the kingdom and the global environment, according to a new article by an expert from Rice University’s Baker Institute for Public Policy. m b/d thresh- old.
One of the world’s legendary investors is upping his bet on Argentina’s shale oil and gas industry in a show of confidence for shale production in South America’s largest unconventional prize—and a big boost for both supermajors and smaller players making big waves in the heart of new discovery areas. Natural Gas Oil'
The US Environmental Protection Agency (EPA) will fine oil and gas companies for emitting excess methane – the first federal government tax ever on greenhouse gas emissions. more… The post In a US first, the oil and gas sector will pay fines for excess methane emissions appeared first on Electrek.
Predicting and diagnosing the trajectory of oil prices has become something of a cottage industry in the past year. But along with all of the excess crude flowing from the oil patch, there is also an abundance of market indicators that while important, tend to produce a lot of noise that makes any accurate estimate nearly impossible.
The program would also support the development of up to 5 regional Liquefied Natural Gas (LNG) corridors where alternative fuel trucks can transport goods without using a drop of oil. Tax credits. National Community Deployment Challenge. EV Everywhere.
per gallon US) subsidy and fuel excise and value-added tax exemptions, and ( b ) a prospective future scenario with no form of government support measures. gallon US) with tax exemption and a $0.16/liter China bioethanol pump price for five enzyme loading scenarios in ( a ) 2011 with a 16¢ per liter (60.6¢ Click to enlarge.
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