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Achieving Gasoline Price Stability in the U.S.: A Modest Proposal

Mark S. LeClair

Year: 2006
Volume: Volume 27
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol27-No2-3
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Abstract:
The recent volatility of short-run gasoline prices in the United States has resulted in calls for the government to intervene. This paper details a simple means of reducing that variability, utilizing federal tax policies, without eliminating the signaling role of prices in the medium- to long-term. If properly implemented, the gyrations in gas prices could be largely removed, with little impact on the revenue that the federal government generates through taxation. If applied to the markets in nations that have significantly higher gasoline taxes, essentially all price volatility could be removed.



Simulating Annual Variation in Load, Wind, and Solar by Representative Hour Selection

Geoffrey J. Blanford, James H. Merrick, John E.T. Bistline, and David T. Young

Year: 2018
Volume: Volume 39
Number: Number 3
DOI: 10.5547/01956574.39.3.gbla
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Abstract:
The spatial and temporal variability of renewable generation has important economic implications for electric sector investments and system operations. This study describes a method for selecting representative hours to preserve key distributional requirements for regional load, wind, and solar time series with a two-orders-of-magnitude reduction in dimensionality. We describe the implementation of this procedure in the US-REGEN model and compare impacts on energy system decisions with more common approaches. The results demonstrate how power sector modeling and capacity planning decisions are sensitive to the representation of intra-annual variation and how our proposed approach outperforms simple heuristic selection procedures with lower resolution. The representative hour approach preserves key properties of the joint underlying hourly distributions, whereas seasonal average approaches over-value wind and solar at higher penetration levels and under-value investment in dispatchable capacity by inaccurately capturing the corresponding residual load duration curves.





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