The Economy-Wide Effects in the United States of Replacing Crude Petroleum with Biomass

Peter Dixon, Stefan Osborne and Maureen Rimmer

Energy & Environment, 2007, vol. 18, issue 6, 709-722

Abstract: Part of President Bush's energy policy is to encourage research aimed at reducing the cost of biomass-based motor fuels to become competitive with petroleum-based fuels. We use a dynamic, CGE model to investigate the economy-wide implications of successful implementation of this policy. We find in the long-run, 2020, that the U.S. would experience significant benefits arising from: (1) substitution of biomass whose price is likely to fall in the long-run for crude petroleum whose price is likely to rise; (2) reduction in the world price of crude petroleum; (3) increased employment; and (4) higher export prices.

Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:sae:engenv:v:18:y:2007:i:6:p:709-722

DOI: 10.1260/095830507782088631

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