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Using Tax Expenditures to Achieve Energy Policy Goals

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Gilbert E. Metcalf

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Abstract

Tax expenditures are a major source of support for energy related activities in the federal budget exceeding direct budget support for energy by a factor of nearly six. Focusing on the policy goals of reducing greenhouse gas emissions and petroleum consumption, I find these tax expenditures highly cost ineffective at best and counterproductive at worse. The tax credit for ethanol is an example of a cost ineffective subsidy. The cost of reducing CO2 emissions through this subsidy exceeded $1,700 per ton of CO2 avoided in 2006 and the cost of reducing oil consumption over $85 per barrel.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 13753.

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Date of creation: Jan 2008
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Handle: RePEc:nbr:nberwo:13753

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Find related papers by JEL classification:
H2 - Public Economics - - Taxation, Subsidies, and Revenue
H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies
Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources
Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy

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References listed on IDEAS
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  1. Gilbert E. Metcalf, 2006. "Energy Conservation in the United States: Understanding its Role in Climate Policy," NBER Working Papers 12272, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  1. Doug Auld, 2008. "The Ethanol Trap: Why Policies to Promote Ethanol as Fuel Need Rethinking," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 268, July. [Downloadable!]
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