badeconomist + us   1043

New study finds incredibly high carbon pollution costs – especially for the US and India | Dana Nuccitelli | Environment | The Guardian
A new study led by UC San Diego’s Katharine Ricke published in Nature Climate Change found that not only is the global social cost of carbon dramatically higher than the federal estimate – probably between $177 and $805 per ton, most likely $417 – but that the cost to America is around $50 per ton. That’s the second-highest in the world behind India’s $90, and is also higher than the current federal estimate for the global social cost of carbon.
damages  mitigation  us  india 
october 2018 by badeconomist
Chocolate vs. steel: A look at Canada's strategic tariff retaliation strategy | CBC News
"When it comes to the details of the lists, once you get past the steel (and) aluminum, there are obvious slaps like whiskey, which is of course aimed at Mitch McConnell in Kentucky," said Gordon Ritchie, a trade expert who negotiated Canada's first free trade agreement with the U.S.

"I think this is the best executed trade countermeasure I've seen in 50 years. But the Trump action is sheer, utter idiocy," he added.

Ritchie said that in the past, Canada would first pursue a resolution through a legal trade tribunal and then afterwards impose tariffs. The move to impose tariffs first, he said, marks a departure in Canadian practice by acting quickly and targeting specific U.S. electoral regions.
us  trade 
june 2018 by badeconomist
Americans waste $73 billion per year looking for a parking spot, new INRIX study finds – GeekWire
The most expensive city was New York, where drivers are hit for an average of 107 hours of searching per year, or $2,243 in annual search cost. Los Angeles and San Francisco took second and third place, costing drivers 85 hours or $1,785, and 83 hours or $1,735, respectively. Washington D.C. came in fourth at 65 hours or $1,367.
transportation  us  seattle 
april 2018 by badeconomist
Credit growth and the Global Crisis: A new narrative | VOX, CEPR’s Policy Portal
Our analysis points to a large role of real estate investors – mortgagors who held multiple first liens – in both the boom and bust of the housing market. We find that investors were responsible for most of the growth in balances and virtually all of the rise in defaults for prime borrowers.

Our results then offer new perspectives for policies aimed at preventing or remediating turmoil in the mortgage and housing markets. First, increasing restrictions on loans to subprime borrowers may be misguided, as these borrowers contributed to the boom-bust in credit only marginally. Second, real estate investors are the major driver of aggregate mortgage balances and defaults, suggesting that owner-occupied housing is less sensitive to movements in real estate values. Our findings point to the role of this segment being critical for future policy and research.
bubble  housing  us  investment 
october 2017 by badeconomist
Forget the Paris agreement. The real solution to climate change is in the U.S. tax code. - The Washington Post
In a new study Monday in Nature Energy, SEI researchers looked at newly discovered U.S. oil fields that have not yet been put into production — all 800 of them.

The researchers found that about half of these undeveloped fields would never go into production, (assuming an oil price of $50 per barrel, close to where it is today) — if oil company tax breaks are taken out of the picture. The study is based on the current range of subsidies and doesn’t account for changes that could result from the new GOP plan.
us  subsidies 
october 2017 by badeconomist
Harvey now the second most destructive after Katrina with $80B U.S. in damages — so far | Toronto Star
Harvey now the second most destructive after Katrina with $80B U.S. in damages — so far via @torontostar
damages  extremeweather  us 
september 2017 by badeconomist
How Homeownership Became the Engine of American Inequality - The New York Times
The Mortgage Interest Deduction came into being in 1913, not to spur homeownership but simply as part of a general policy allowing businesses to deduct interest payments from loans. At that time, most Americans didn’t own their homes and only the rich paid income tax, so the effects of the mortgage deduction on the nation’s tax proceeds were fairly trivial. That began to change in the second half of the 20th century, though, because of two huge transformations in American life. First, income tax was converted from an elite tax to a mass tax: In 1932, the Bureau of Internal Revenue (precursor to the I.R.S.) processed fewer than two million individual tax returns, but 11 years later, it processed over 40 million. At the same time, the federal government began subsidizing homeownership through large-scale initiatives like the G.I. Bill and mortgage insurance. Homeownership grew rapidly in the postwar period, and so did the MID.
housing  taxes  us 
may 2017 by badeconomist
LNG Exports Pose a Threat to Domestic Jobs, Warn US Manufacturers | The Tyee
Issues raised by the letter now dominate headlines in Australia, where multinationals spent hundreds of billions of dollars building a large LNG sector supported by the massive fracking of agricultural lands and offshore gas without any consideration of the impact on local energy prices.

Because coal seam fracking projects never produced the amount of methane predicted by LNG proponents, Australia now faces a methane supply shortage that has tripled domestic gas prices as well as electrical prices in the last two years.

A February report by the Australian Industry Group noted that “unprecedented LNG developments had placed a strain on both the gas market and the cost and availability of gas-fired electricity generators” and had skyrocketed electricity demand due to the energy intensity of the cooling and pumping of LNG gas.

LNG exports have so inflated domestic prices — among the highest in the world for methane — that “even Japanese customers are able to buy gas on spot markets for well below the prices being offered to Australian customers today,” said the group.
“Essentially a national interest test provides that relevant export developments will proceed unless the Government or a delegate body determines that they are not in the national interest,” said the AIG.

In addition the Australian Workers Union urged Prime Minister Malcolm Turnbull to “act decisively and rationally in the national interest” to ensure a portion of Australia’s natural gas is saved for domestic use because the unrestricted export of Australian gas by companies had driven up prices, closed businesses and destroyed jobs.

“Australia finds itself in the bizarre situation where despite producing a record amount of gas, we are paying some of the world's highest prices at home,” said the union’s letter to the Australian prime minister.
australia  LNG  us 
april 2017 by badeconomist
Trump’s big new executive order to tear up Obama’s climate policies, explained - Vox
Trump’s big new executive order to tear up Obama’s climate policies, explained via @voxdotcom
trump  mitigation  us  epa  obama 
march 2017 by badeconomist
Let's talk about Pennsylvania - Let's Talk Royalties – Alberta's Royalty Review Panel
Since most of Pennsylvania’s oil and gas resources are privately owned, the Pennsylvania government does not collect royalties on oil and gas development. In fact, unlike many other states, Pennsylvania does not even collect a severance tax (which is typically a percentage of the gross value of production of natural gas). Additionally, the oil and gas industry is exempted from Pennsylvania’s state sales tax.

Instead, Pennsylvania has what is called an “Impact Fee”. The Impact Fee was enacted in 2012 and permits counties to impose a $40,000 to $60,000 flat fee on a producing natural gas well in its first year of operation, with the fee declining over the next 15 years. A producer’s total fee is based on: (1) the number of wells the producer operates within each county that has imposed the fee; (2) the date each well was drilled/spud or ceased production; and (3) the price of natural gas. For gas produced in 2013, energy companies in Pennsylvania collectively paid $223 million (USD) in Impact Fees. This worked out to an effective tax rate of less than 1.9%.
royalties  us 
march 2017 by badeconomist
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