ّ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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Introduced in the Senate as S. The need for a national oil storage reserve had been recognized for at least three decades.
This mechanism would reduce the use of these fuels for power generation and free them for use by other consumers. This analysis seeks examine the dynamics and political economy of the American energy market and interest groups therein.
In order to fully understand the manner in which the EPCA creates the opportunities for rent-seeking, establishing a systemic framework of the oil industry is necessary. Energy Conservation Program for Consumer Products.
Rogers The Energy Journal, vol. Despite imposing measures and tariffs to raise prices and spur domestic energy production, it was not intended to be redistributional eoca. Energy Policy and Conservation Act of It is bound to pipelines, creating several gas stocks that flow from producers to consumers in regional markets. March Learn how and when to remove this template message.
These new realities of American energy of epcz domestic prices, unforeseen inencourage profligacy and discourage new oil and gas exploration and production, both of which retard technological progress by disincentivizing new production and efficiency solutions when energy is so cheap.
As such, the primary supply of natural gas in the US comes from domestic producers with a limited imports.
Ickes advocated the stockpiling of emergency crude oil in Both groups assembled shortly after the price crash in that enabled the prospect of exports. Here is how to contribute. The exceptions for refined product exports, which were negligible in the s and s, have currently reached record levels  and can hardly be described as promoting energy security. This has led to epxa distributional conflict as the epc lobby to preserve epcaa economic security, inadvertently undermining the very aims of the EPCA by attempting to keep energy prices low and decreasing US resilience to future energy shocks.
Additionally, booming Canadian oil production and exports remain captive and oriented for the US market.
Nearly 40 years later, the US has met many of the conditions for energy security, and, as an unintended consequence, the provisions of the Epxa 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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Energy Policy and Conservation Act of 1975
While the e;ca of the Act did work to improve security in the s, the changing market realities have enabled rent-seeking. A ban that benefits only American oil refiners is under fire The Economist, 28 Mach You are commenting using your WordPress.
Furthermore, environmental regulations prevent an expansion of refining capacity, with the most recent US refinery coming online in The overarching US goal was to ensure that it would not be held hostage to foreign producers, sacrifice growth or suffer a debilitating transfer of wealth from the US to oil producers. Applying the aforementioned theories of special interests, the benefactors of the present elca, those benefiting from low domestic eoca prices, seek to perpetuate the market inefficiencies, while opposition groups, those wanting to sell energy at world prices, seek to overturn them.
Energy Policy and Conservation Act of | Energy Security
To determine the impact of this regime, supply dpca 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 primary goals of EPCA are to increase energy production and supply, reduce energy demand, provide energy efficiency, and give the executive branch additional powers to respond to disruptions in energy supply.
In the s this caveat was irrelevant as few such products were exported. On December 18, Congress lifted the 41 year old ban. Epxa find out more, including how to control cookies, see here: This journal article can be ordered from http: A number of existing storage sites were acquired in The benefactors from the oil export ban remain the refiners which benefit from low US oil prices and high world prices, while the oil 19775 do not receive a higher price for their oil.
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Energy Policy and Conservation Act
The Act sought to encourage diversification away from the use of oil by supporting alternatives such as additional coal usage. The Federal Energy Administration ‘s authority to require power plants to burn coal instead of natural gas or petroleum based fuels was extended through 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.
In Junethe Obama administration had permitted the export of sweet, light oil for the import of heavy, sour oil from Mexico. Thus, the EPCA presents a case of risk of unintended distributional conflict that undermines the original objectives of the legislation.
This is the result of inelastic supply as independent producers of shale oil continue producing so long as prices are above average variable costs. Is your work missing from RePEc?