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World Bundestag resolves CO2 tax - gasoline and heating oil will be more expensive in 2021

15:25  08 october  2020
15:25  08 october  2020 Source:   de.reuters.com

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Crude oil , gasoline , heating oil , diesel, propane, and In the forecast, EIA expects inventories to reach almost 4.0 Tcf on October 31, which would be 6% more than the five-year average. In 2021 , EIA forecasts that energy-related CO 2 emissions will increase by 4.8% as the economy recovers and

Oil and gas investors are expecting increased efficiencies despite slowdown. For oil and gas Second, a few have deployed renewables to reduce emissions from field operations; more Third, CO 2 enhanced oil recovery could be an avenue to boost production while sequestering carbon, but it

Berlin (Reuters) - Drivers, tenants and apartment owners will have to pay more for fuel, heating oil or gas from next year.

German lower house of parliament Bundestag © Reuters / AXEL SCHMIDT German lower house of parliament Bundestag

The Bundestag decided on Thursday, with votes from the coalition and the Greens, a tax on greenhouse gas emissions from fuels of 25 euros per tonne of CO2 due to climate protection. This acts like a tax and should initially climb to 55 euros in annual stages by 2025. In 2021, fuel will be around seven cents per liter more expensive. A household of average size also has to spend around 100 euros more on heating costs per year. At the same time, certain industries with particularly high energy requirements, which are also in global competition, are to be relieved of costs.

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Oil demand growth slows because demand for diesel and gasoline nears a plateau as new efficiency standards are applied to internal combustion engine vehicles and electric vehicles hit the market. Global oil demand rebounds in 2021 and Asia accounts for 77% of oil demand growth through 2025.

Crude oil , gasoline , heating oil , diesel, propane, and other liquids including biofuels and natural gas liquids. EIA expects inventory draws in the fourth quarter of 3.1 million b/d before markets become relatively balanced in 2021 , with forecast draws of 0.3 million b/d.

The federal government expects about 7.4 billion euros from the levy in the next year. This is intended to dampen the price of electricity by reducing the tax on renewable energies. Commuters can also deduct a higher amount from tax.

OLD LAW REPLACED BY STRENGTHENED NEW

Originally, the Bundestag, with the votes of the Union and SPD, decided on a CO2 price of initially just 10 euros per ton. Although the law does not depend on the approval of the Federal Council, in the course of the climate package, under pressure from the state governments with the Greens' participation, the project was rolled out again and the higher CO2 price anchored. Therefore, the Greens in the Bundestag have now also agreed. "Better this than nothing," said parliamentary group leader Anton Hofreiter. "But we need a lot more ambition to achieve the climate goals."

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A similar process could be used applied to trap greenhouse gases , reducing the amount of heat -trapping substances in the atmosphere. A team of scientists claims to have discovered a cheaper way to extract carbon dioxide from the atmosphere and turn it into gasoline or other fuels

Crude oil , gasoline , heating oil , diesel, propane, and other liquids including biofuels and natural gas liquids. Refiners charge more for higher octane fuel, and premium-grade gasoline is the most expensive . From 1995 through 2006, the price difference among grades of gasoline was typically

In the years after 2025, the tax is to be integrated into the European trade in CO2 pollution rights. Wholesalers then have to buy these certificates on the stock exchange, just like power plants or industrial companies are already doing now. Every year fewer rights are issued, so that incentives are triggered for companies to invest in more climate protection.

Similar to the EU emissions trading scheme, companies in international competition with high energy requirements are to be spared: The law that has now been passed contains an authorization for the government, according to which companies from sectors such as steel, cement or chemicals are to be relieved of the CO2 price .

The Federal Association of German Industry (BDI) quickly demanded a binding regulation: The decided increase in the CO2 price poses enormous challenges for the economy, said Vice General Manager Holger Lösch. "Anyone who burdens companies must first submit binding compensation and discharge rules for effective protection against emissions shifting to other parts of the world," he demanded. A double burden on companies with EU emissions trading is an attack on competitiveness. The Federal Association of the Energy Industry (BDEW) praised the project as an important milestone on the way to less CO2 in sectors such as transport and housing. However, the BDEW also called for a quick regulation so that, among other things, companies that are already in the EU emissions trading system are not burdened twice.

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