Global S&T Development Trend Analysis Platform of Resources and Environment
DOI | 10.1016/j.enpol.2019.03.058 |
The impact of the Renewable Fuel Standard on US oil refineries | |
Burkhardt, Jesse | |
2019-07-01 | |
发表期刊 | ENERGY POLICY |
ISSN | 0301-4215 |
EISSN | 1873-6777 |
出版年 | 2019 |
卷号 | 130页码:429-437 |
文章类型 | Article |
语种 | 英语 |
国家 | USA |
英文摘要 | This paper uses a confidential refinery-level dataset to estimate how unexpected changes in the costs of the Renewable Fuel Standard (RFS) affected US oil refinery prices and production decisions for regulated and non-regulated products between 2012 and 2014. The RFS mandates blending of biofuels with conventional gasoline and diesel. Each gallon of biofuel blended with conventional fuel generates a renewable fuel credit (RIN). Refineries comply with the RFS by purchasing RINs from blenders and retiring them with the EPA. I find that RIN costs were fully passed through to wholesale gasoline and diesel prices on average, consistent with previous literature and a necessary condition to ensure the effectiveness of the RFS. Furthermore, I estimate full pass-through in all regions of the US, with the exception of the Eastern Seaboard. I also find that RIN cost increases are associated with higher jet fuel production, a non-regulated product, and with decreased jet fuel prices. Finally, I corroborate previous findings by showing that refinery specific input cost shocks are not fully passed-through to wholesale output prices. These results, combined with other estimates in the literature, suggest that on average the RFS is functioning efficiently and that the wholesale petroleum market is highly competitive. |
英文关键词 | Petroleum refining Pass-through Emissions leakage |
领域 | 气候变化 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000471083700037 |
WOS关键词 | COMPETITION |
WOS类目 | Economics ; Energy & Fuels ; Environmental Sciences ; Environmental Studies |
WOS研究方向 | Business & Economics ; Energy & Fuels ; Environmental Sciences & Ecology |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/184512 |
专题 | 气候变化 |
作者单位 | Colorado State Univ, Dept Agr & Resource Econ, 1200 Ctr Ave Mall, Ft Collins, CO 80523 USA |
推荐引用方式 GB/T 7714 | Burkhardt, Jesse. The impact of the Renewable Fuel Standard on US oil refineries[J]. ENERGY POLICY,2019,130:429-437. |
APA | Burkhardt, Jesse.(2019).The impact of the Renewable Fuel Standard on US oil refineries.ENERGY POLICY,130,429-437. |
MLA | Burkhardt, Jesse."The impact of the Renewable Fuel Standard on US oil refineries".ENERGY POLICY 130(2019):429-437. |
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