Drought, ethanol, and livestock

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The 2012 drought in the U.S. Midwest resulted in volatile crop prices. With field crops constituting a major input in livestock production, livestock producers sought a waiver to Renewable Fuel Standard biofuel mandates. They believed such a waiver would mitigate crop-price volatility; given crops are major inputs in biofuel production. The U.S. Environmental Protection Agency (EPA) denied the waiver under the belief that the waiver would have minimal if any impact on mitigating price volatility. Employing a VECM, the objective is to investigate if it was prudent for the EPA to reject the waiver. Results generally support EPA's conclusion that the waiver relaxing the biofuel mandate would have minimal impact. (c) 2015 Elsevier ay. All rights reserved.
Publisher
ELSEVIER SCIENCE BV
Issue Date
2015-05
Language
English
Article Type
Article
Citation

ENERGY ECONOMICS, v.49, pp.301 - 307

ISSN
0140-9883
DOI
10.1016/j.eneco.2015.02.008
URI
http://hdl.handle.net/10203/285774
Appears in Collection
MA-Journal Papers(저널논문)
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