By Matthew Brown

As the Trump administration rolls back environmental and safety rules for the energy sector, government projections show billions of dollars in savings reaped by companies will come at a steep cost: more premature deaths and illnesses from air pollution, a jump in climate-warming emissions and more severe derailments of trains carrying explosive fuels.

The Associated Press analyzed 11 major rules targeted for repeal or relaxation under Trump, using the administration’s own estimates to tally how its actions would boost businesses and harm society.

The AP identified up to $11.6 billion in potential future savings for companies that extract, burn and transport fossil fuels. Industry windfalls of billions of dollars more could come from a freeze in vehicle efficiency standards that will yield an estimated 79 billion-gallon (300 million-liter) increase in fuel consumption.

On the opposite side of the government’s ledger, buried in thousands of pages of analyses, are the “social costs” of rolling back the regulations.

In explaining its actions, the Trump administration said in some cases that the previous administration understated the price tag on new industry restrictions. In others, it said President Barack Obama’s administration had been overly expansive in how it defined benefits to society.

Michael Greenstone, a University of Chicago professor who served as chief economist for Obama’s Council of Economic Advisers, said the Trump administration was downplaying the health and environmental impacts of its actions.

“When you start fudging the numbers, it’s not that the costs just evaporate into thin air. We will pay,” Greenstone said. “They are reducing the costs for industries where pollution is a byproduct.”

Continue reading at Associated Press…

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Areas of Focus: Energy Markets
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Energy Markets
Well-functioning markets are essential for providing access to reliable, affordable energy. EPIC research is uncovering the policies, prices and information needed to help energy markets work efficiently.
Fossil Fuels
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Fossil Fuels
Under current policies, fossil fuels will play an important role in the energy system for the foreseeable future. EPIC research is exploring the costs and benefits of these fuels as...
Climate Change
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Climate Change
Climate change is an urgent global challenge. EPIC research is helping to assess its impacts, quantify its costs, and identify an efficient set of policies to reduce emissions and adapt...
Climate Economics
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Climate Economics
Climate change will affect every sector of the economy, both locally and globally. EPIC research is quantifying these effects to help guide policymakers, businesses, and individuals working to mitigate and...
Climate Law & Policy
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Climate Law & Policy
As countries around the world implement policies to confront climate change, EPIC research is calculating which policies will have the most impact for the least cost.