"The Trump administration claims its latest move to gut climate regulations and end all greenhouse gas standards for vehicles will save Americans money. But its own analysis indicates that the new rule will push up gas prices, and that the benefits of the rollback are unlikely to outweigh the costs. On Thursday, the president and his environmental secretary Lee Zeldin announced the finalized repeal of the endangerment finding, a legal determination which underpins virtually all federal climate regulations."
"He claimed the rollback would save the US $1.3tn by 2055. Late on Thursday night, EPA published a regulatory impact analysis to back up that number. The savings will come from two places, the document says: some $1.1tn will stem from reduced vehicle prices, while another $200bn will come from slashed electric vehicle purchases and lowered spending on charging infrastructure."
"But a chart within the analysis indicates that the US will through 2055 incur $1.4tn in additional costs from increased fuel purchases, vehicle repair and maintenance, insurance, traffic congestion and noise. An additional $40bn in costs will come from reduced energy security, increased refueling time and lowered drive value, or costs associated with operating a vehicle. In total, this means the repeal of the endangerment finding will impose an estimated costs of $1.5tn, overshadowing the projected $1.3tn in savings."
The Trump administration finalized repeal of the endangerment finding, removing the legal basis for most federal climate regulations and vehicle greenhouse gas standards. The administration claims the rollback will save the U.S. $1.3 trillion by 2055. EPA's regulatory impact analysis attributes $1.1 trillion of savings to lower vehicle prices and $200 billion to reduced electric vehicle purchases and charging infrastructure spending. The analysis also projects $1.4 trillion in additional costs from higher fuel purchases, repairs, insurance, congestion, and noise, plus $40 billion from reduced energy security and refueling impacts. Net estimated costs total $1.5 trillion, exceeding projected savings and excluding social and climate costs.
#endangerment-finding-repeal #vehicle-emissions-standards #regulatory-impact-analysis #gasoline-prices #economic-costs-vs-benefits
Read at www.theguardian.com
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