scholarly journals The Economic Effects of COVID-19 on the Producers of Ethanol, Corn, Gasoline, and Oil

Author(s):  
Andrew Schmitz ◽  
Charles B. Moss ◽  
Troy G. Schmitz

AbstractThe COVID-19 crisis created large economic losses for corn, ethanol, gasoline, and oil producers and refineries both in the United States and worldwide. We extend the theory used by Schmitz, A., C. B. Moss, and T. G. Schmitz. 2007. “Ethanol: No Free Lunch.” Journal of Agricultural & Food Industrial Organization 5 (2): 1–28 as a basis for empirical estimation of the effect of COVID-19. We estimate, within a welfare economic cost-benefit framework that, at a minimum, the producer cost in the United States for these four sectors totals $176.8 billion for 2020. For U.S. oil producers alone, the cost was $151 billion. When world oil is added, the costs are much higher, at $1055.8 billion. The total oil producer cost is $1.03 trillion, which is roughly 40 times the effect on U.S. corn, ethanol, and gasoline producers, and refineries. If the assumed unemployment effects from COVID-19 are taken into account, the total effect, including both producers and unemployed workers, is $212.2 billion, bringing the world total to $1266.9 billion.

2018 ◽  
Vol 42 (2) ◽  
pp. 73-83 ◽  
Author(s):  
Michael McLaughlin ◽  
Mark R Rank

PEDIATRICS ◽  
1975 ◽  
Vol 56 (4) ◽  
pp. 496-498
Author(s):  
Philip Brunell

The elimination of infectious diseases in the United States during this century has been a truly remarkable achievement. Mortality from diphtheria, smallpox, pertussis, poliomyelitis, and tetanus have been reduced dramatically. Consequently, attention turned to the conquest of diseases such as measles, rubella, and even mumps. As the expertise which was acquired in these efforts is applied to elimination of infectious diseases that produce relatively less morbidity, the wisdom of pursuing these goals is critically evaluated. Skepticism stems not only from bureaucratic considerations of cost-benefit ratios, but also from the fear that vaccines are not themselves without risks. We have been sensitized, if you will excuse the pun, by a number of sobering experiences such as the use of killed measles vaccines.


2021 ◽  
Vol 13 (1) ◽  
Author(s):  
Xavier Jaravel

Does inflation vary across the income distribution? This article reviews the growing literature on inflation inequality, describing recent advances and opportunities for further research in four areas. First, new price index theory facilitates the study of inflation inequality. Second, new data show that inflation rates decline with household income in the United States. Accurate measurement requires granular price and expenditure data because of aggregation bias. Third, new evidence quantifies the impacts of innovation and trade on inflation inequality. Contrary to common wisdom, empirical estimates show that the direction of innovation is a significant driver of inflation inequality in the United States, whereas trade has similar price effects across the income distribution. Fourth, inflation inequality and non-homotheticities have important policy implications. They transform cost-benefit analysis, optimal taxation, the effectiveness of stabilization policies, and our understanding of secular macroeconomic trends—including structural change, the decline in the labor share and interest rates, and labor market polarization. Expected final online publication date for the Annual Review of Economics, Volume 13 is August 2021. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.


2021 ◽  
pp. 152700252110246
Author(s):  
Luke Petach ◽  
Dustin Rumbaugh

American football season reduces the Monday labor hours of employed men by two-thirds of an hour. A similar effect is found for Friday labor hours. We term these effects the “hangover effect” and “happy hour effect.” Consistent with a wide class of labor market models, the labor supply effect varies over the business cycle, increasing in expansions. The hangover effect implies an intertemporal elasticity of labor supply on the order of 0.014. Evaluated at the median hourly wage, our estimates imply an annual economic cost of foregone earnings associated with football season in the neighborhood of $5.06 billion.


2011 ◽  
Vol 14 (2) ◽  
Author(s):  
Grace Lordan ◽  
John Quiggin

The idea of using 'fat taxes’ to curb obesity rates has been raised by many. In particular, the idea of taxing sugar-sweetened beverages (SSBs) has received considerable attention in the United States and has recently been discussed by President Obama. Rather less attention has been given to the alternative of 'thin subsidies’, that is, subsidies for the consumption of foods or beverages likely to be associated with reduced incidence of obesity. This commentary examines the case for a subsidy for artificially sweetened beverages (ASBs) or 'diet soft drinks’. In this commentary, we outline the evidence on the relationship between health outcomes, most notably obesity, and the consumption of SSBs and ASBs. In the light of the evidence we consider the economic effects of taxing SSBs, and the way in which those effects would be modified by the adoption of the alternative 'thin subsidy’ based on subsidising ASBs.


Plant Disease ◽  
2014 ◽  
Vol 98 (5) ◽  
pp. 696-696 ◽  
Author(s):  
J. A. Crouch ◽  
M. P. Ko ◽  
J. M. McKemy

Downy mildew of impatiens (Impatiens walleriana Hook.f.) was first reported from the continental United States in 2004. In 2011 to 2012, severe and widespread outbreaks were documented across the United States mainland, resulting in considerable economic losses. On May 5, 2013, downy mildew disease symptoms were observed from I. walleriana ‘Super Elfin’ at a retail nursery in Mililani, on the Hawai'ian island of Oahu. Throughout May and June 2013, additional sightings of the disease were documented from the islands of Oahu, Kauai, Maui, and Hawai'i from nurseries, home gardens, and botanical park and landscape plantings. Symptoms of infected plants initially showed downward leaf curl, followed by a stippled chlorotic appearance on the adaxial leaf surfaces. Abaxial leaf surfaces were covered with a layer of white mycelia. Affected plants exhibited defoliation, flower drop, and stem rot as the disease progressed. Based on morphological and molecular data, the organism was identified as Plasmopara obducens (J. Schröt.) J. Schröt. Microscopic observation disclosed coenocytic mycelium and hyaline, thin-walled, tree-like (monopodial branches), straight, 94.0 to 300.0 × 3.2 to 10.8 μm sporangiophores. Ovoid, hyaline sporangia measuring 11.0 to 14.6 × 12.2 to 16.2 (average 13.2 × 14.7) μm were borne on sterigma tips of rigid branchlets (8.0 to 15.0 μm) at right angle to the main axis of the sporangiophores (1,3). Molecular identification of the pathogen was conducted by removing hyphae from the surface of three heavily infected leaves using sterile tweezers, then extracting DNA using the QIAGEN Plant DNA kit (QIAGEN, Gaithersburg, MD). The nuclear rDNA internal transcribed spacer was sequenced from each of the three samples bidirectionally from Illustra EXOStar (GE Healthcare, Piscataway, NJ) purified amplicon generated from primers ITS1-O and LR-0R (4). Resultant sequences (GenBank KF366378 to 80) shared 99 to 100% nucleotide identity with P. obducens accession DQ665666 (4). A voucher specimen (BPI892676) was deposited in the U.S. National Fungus Collections, Beltsville, MD. Pathogenicity tests were performed by spraying 6-week-old impatiens plants (I. walleriana var. Super Elfin) grown singly in 4-inch pots with a suspension of 1 × 104 P. obducens sporangia/ml until runoff using a handheld atomizer. Control plants were sprayed with distilled water. The plants were kept in high humidity by covering with black plastic bags for 48 h at 20°C, and then maintained in the greenhouse (night/day temperature of 20/24°C). The first symptoms (downward curling and chlorotic stippling of leaves) and sporulation of the pathogen on under-leaf surfaces of the inoculated plants appeared at 10 days and 21 days after inoculation, respectively. Control plants remained healthy. Morphological features and measurements matched those of the original inoculum, thus fulfilling Koch's postulates. To our knowledge, this is the first report of downy mildew on I. walleriana in Hawai'i (2). The disease appears to be widespread throughout the islands and is likely to cause considerable losses in Hawai'ian landscapes and production settings. References: (1) O. Constantinescu. Mycologia 83:473, 1991. (2) D. F. Farr and A. Y. Rossman. Systematic Mycology and Microbiology Laboratory, ARS, USDA. Retrieved from http://nt.ars-grin.gov/fungaldatabases/ July 16, 2013. (3) P. A. Saccardo. Syllogue Fungorum 7:242, 1888. (4) M. Thines. Fungal Genet Biol 44:199, 2007.


Author(s):  
Kevin Zhou

Canada is known for its close relations with the United States in the domains of economic affairs, defence and international diplomacy. This arrangement, however, was a product of the great changes brought about by the Second World War. The combination of British decline, Ottawa’s desire to achieve full independence from London, and the looming Soviet threat during the Cold War created a political environment in which Canada had to become closely integrated with the United States both militarily and economically. Canada did so to ensure its survival in the international system. With the exception of a few controversial issues like US involvement in Vietnam (1955) and Iraq (2003) as well as Ballistic Missile Defence (BMD), Ottawa has been Washington’s closest ally since 1945. On numerous occasions like the Korean War, the Cuban Missile Crisis, and as recently as the War in Afghanistan and the War Against IS (Islamic State), Canada had provided staunch military and diplomatic support to Washington in its engagements around the globe. In an era of relative peace, stability, and certainty, particularly during the Post-Cold War period and the height of American power from 1991 to 2008, this geopolitical arrangement of continental integration had greatly benefited Canada. This era of benefits, however, is arguably drawing to a close. The Great Recession of 2007-09, the situations in Iraq and Afghanistan, and the insistence on pursuing a foreign policy of global primacy despite its significant economic cost, are sending the US down an uncertain path. Due to its close relations and geographical proximity with the US, Canada now faces a hostile international environment that is filled with uncertainty as a result of superpower decline, great power rivalries, environmental degradation, and failed US interventions.


Sign in / Sign up

Export Citation Format

Share Document