As global leaders met in Paris at the Climate Change Conference to discuss the challenges of global warming, the Environmental Protection Agency released new requirements for the Renewable Fuel Standard, for 2014 to 2016. The agency requires that 18.11 billion gallons of renewable fuel be mixed with America’s gas supply.
This is a toxic mix for the man on the street.
While global oil prices fall, the mandated injection of renewable energy into the energy mix prevents consumers from benefiting. And it doesn’t even benefit the majority of corn farmers that it is purported to help. Instead, it offers gains to the lucky few, who know the right people in the right places.
A soon to be released study examining the effect of the Renewable Energy Mandates on the economy reveals that the mandate is as bad for the country as it is for the counties in the corn belt states.
Contrary to the expectations of the corn farmers in Iowa, Illinois, and elsewhere, these states are no better off than they were when the federal mandates were first introduced by President George W. Bush.
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The latest Young Voices podcast features Joshua Sharp and Daniel Pryor. Today they will be discussing Joshua’s article for The Hill titled ‘Time to Repeal the Jones Act’, which argues against economic protectionism in US shipping.
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Advocates of renewable energy are touting a new statistic that 70 percent of new electricity generation capacity in the first half of 2015 was renewable. While this figure is technically true, it merits an asterisk. That 70 percent refers to how much energy power plants could produce if they were running at full power all the time, a metric called installed capacity. It does not mean that 70 percent of new energy generated in the first half of 2015 came from renewables.
To find out how much energy the new power infrastructure will actually produce, we must look at the capacity factor for various types of energy. The capacity factor measures the ratio of the energy a power plant actually produces to how much it could produce if it were running at maximum power all the time. A higher factor indicates that a source of electricity is more likely to reach its full potential. Capacity factor may be thought of as how much bang you get for your installed megawatt.
Read the rest on Economics 21 here.