ّ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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But few events so dramatically underscored the need for a strategic oil reserve as the oil embargo. Introduced in the Senate as S. Once again, the API represents the gas producers seeking to liberalize gas exports from the US, and the individual consumer lobby remains unorganized. In Junethe Obama administration had permitted the 175 of sweet, light oil for the import of heavy, sour oil from Mexico.
Retrieved 2 April Energy prices were relegated to a secondary standing, given that measures taken at the time increased prices directly and indirectly, coupled with a epa that a sustained level of higher prices leads to increased supply in the future. As such, the Act creates the conditions for the existence of interest groups, which then undermine the aims of US energy security. Retrieved from ” https: Is your e;ca missing from RePEc?
Insofar as the public is concerned, lower energy prices, most visibly in cheaper gasoline prices, are the major concern. Natural gas does not need to be processed to be useful, thus there is no intermediary.
This page was last edited on 27 Decemberat 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.
Thus, export restrictions directly benefit the end consumers of gas.
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.
This is most evidenced in the strict price controls imposed on oil and gasoline in the s and the supplemental Crude Oil Windfall Profit Tax Act passed in after prices were deregulated to prevent extraordinary oil profits due to legislative action. International Business Times, 20 March Please help improve this article by adding citations to reliable sources.
Energy Policy and Conservation Act – Wikipedia
Following the oil crisis, the EPCA sought to improve energy security in a US economy configured to rely on inexpensive and readily available oil. Complementary to the increased coal production goals of the legislation, the EPCA also provided mechanisms to allow the government to ensure that natural gas and petroleum based fuels are available to consumers in times of fuel shortages or crises. The Natural Gas Market While similar to the oil industry, the natural gas market has its own nuances, though it remains similarly impacted by export restrictions.
Email required Address never made public. CRUDE and PACE have fewer members and thus have been able to lead an accelerated lobbying effort convince the administration and the public that their position is correct due to faster cost negotiations. The exceptional export licenses were for oil from Cook Inletoil flowing through the Trans-Alaskan Pipeline Systemoil exported to Canada, heavy oil from California, certain trades with Mexico, and some exceptions for re-exporting foreign oil.
You are commenting using your WordPress. This has led to a distributional conflict as the beneficiaries 11975 to preserve their 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.
The qualifying requirements are tailored to promote more environmentally friendly development and smaller coal producers.
Energy Policy and Conservation Act of 1975
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. The epfa 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 journal article can be ordered from http: 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 epfa EPCA period than during the comparatively unregulated s. As such, the primary supply of natural gas in the US comes from domestic producers with a limited imports. The Federal Energy Administration ‘s authority to require power plants to burn coal instead of natural gas or petroleum based fuels was extended through Fill in your details below or click an icon to log in: 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 While the provisions of the Act did work to improve security in the s, the changing market realities have enabled rent-seeking.
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Energy Policy and Conservation Act of | Energy Security
Notify me of new comments via email. Both sides epcw comprised of a relatively limited number of companies; API, by far the largest, only has about members, of which only a handful represent a substantial portion of the market.
Construction of the first surface facilities began in June Recent events have led epcq renewed interest in the petroleum industry. Bibliographic data for series maintained by David Williams. With some exceptions, the results indicate that the EPCA regulation system either raised prices or had no effect. However, the same inefficiencies that helped bring about energy security in the s function to benefit consumer groups in the present with booming oil and gas production held captive due to EPCA export restrictions.
The Act sought to encourage diversification away from the use of oil by supporting alternatives such as additional coal usage. Even the immediate goal of the policy, lowering prices, did not usually occur. Thus, the EPCA presents a case of risk of unintended distributional conflict that undermines the original objectives of the legislation.