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<blockquote data-quote="Babagounj" data-source="post: 5460804" data-attributes="member: 12952">[URL unfurl=&quot;true&quot;]https://justthenews.com/politics-policy/environment/cha-ching-epa-quietly-quadruples-regulatory-cost-carbon-emissions-new[/URL]<h3>&nbsp; &nbsp;&nbsp; Cha-ching! EPA quietly quadruples regulatory cost of carbon emissions in new war on fossil fuels&nbsp; &nbsp; </h3>Social Cost of Carbon estimate jumps from $51 to $190 per metric ton, creating future impact for Americans&#039; wallets and a new headache for the oil and gas industries.The so-called Social Cost of Carbon was first set in 2009 under then-President Barack Obama. Under Democrats it has been set for most of the last decade at $51 per metric ton. But in a rule making notice in mid-November, EPA said it had devised a new calculation that raises that damage estimate to $190 per metric ton by 2022 standards and as much as $410 by the year 2080.The new estimate has sent shock waves through the energy industry and raised the stakes for ongoing litigation being brought by Republican attorneys general in states like Louisiana that are challenging the Biden administration Social Cost of Carbon rule making as unconstitutional.The Social Cost of Carbon is a concept first embraced by the Obama administration in 2009, which set up an interagency working group that calculated the cost to be $51 per metric ton of greenhouse gas emissions. The Trump administration reduced that estimate to $1 to $7 per metric ton, and then Biden&#039;s team returned to the $51 figure in 2021.The EPA is the first agency to publicly propose a massive adjustment upwards. It buried the new figure in a 137-page draft supplemental report that was attached this month to new methane emissions rules for the natural gas industry, catching many by surprise.Using a statistical methodology it said it got from the National Academies of Science, EPA created three estimates of the Social Cost of Carbon at $120, $190 or $340 per metric ton. The calculations were based on &quot;discount rates&quot; of 2.5%, 2.0% and 1.5% that reflected different emissions scenarios. The EPA settled on the middle case scenario as the best estimate right now, setting the price at $190.You can read that report here:&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; <a href="https://justthenews.com/sites/default/files/2022-11/supplementary-material-for-the-regulatory-impact-analysis.pdf" target="_blank">supplementary-material-for-the-regulatory-impact-analysis.pdf</a></blockquote>

[QUOTE="Babagounj, post: 5460804, member: 12952"] [URL unfurl="true"]https://justthenews.com/politics-policy/environment/cha-ching-epa-quietly-quadruples-regulatory-cost-carbon-emissions-new[/URL] [HEADING=2] Cha-ching! EPA quietly quadruples regulatory cost of carbon emissions in new war on fossil fuels [/HEADING] Social Cost of Carbon estimate jumps from $51 to $190 per metric ton, creating future impact for Americans' wallets and a new headache for the oil and gas industries. The so-called Social Cost of Carbon was first set in 2009 under then-President Barack Obama. Under Democrats it has been set for most of the last decade at $51 per metric ton. But in a rule making notice in mid-November, EPA said it had devised a new calculation that raises that damage estimate to $190 per metric ton by 2022 standards and as much as $410 by the year 2080. The new estimate has sent shock waves through the energy industry and raised the stakes for ongoing litigation being brought by Republican attorneys general in states like Louisiana that are challenging the Biden administration Social Cost of Carbon rule making as unconstitutional. The Social Cost of Carbon is a concept first embraced by the Obama administration in 2009, which set up an interagency working group that calculated the cost to be $51 per metric ton of greenhouse gas emissions. The Trump administration reduced that estimate to $1 to $7 per metric ton, and then Biden's team returned to the $51 figure in 2021. The EPA is the first agency to publicly propose a massive adjustment upwards. It buried the new figure in a 137-page draft supplemental report that was attached this month to new methane emissions rules for the natural gas industry, catching many by surprise. Using a statistical methodology it said it got from the National Academies of Science, EPA created three estimates of the Social Cost of Carbon at $120, $190 or $340 per metric ton. The calculations were based on "discount rates" of 2.5%, 2.0% and 1.5% that reflected different emissions scenarios. The EPA settled on the middle case scenario as the best estimate right now, setting the price at $190. You can read that report here: [URL='https://justthenews.com/sites/default/files/2022-11/supplementary-material-for-the-regulatory-impact-analysis.pdf']supplementary-material-for-the-regulatory-impact-analysis.pdf[/URL] [/QUOTE]

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