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Conventional fuels include fossil fuels such as coal, oil (including fuel oil, diesel fuel, and gasoline), and natural gas. [2] [circular reference] Fossil fuels have many negative externalities, most notably air pollution and contributing to climate change. Both the extraction and combustion of conventional fuels have negative externalities.
These fuels are intended to substitute for more carbon intensive energy sources like gasoline and diesel in transportation and can help to contribute to decarbonization and reductions in pollution. [ 2 ] [ 4 ] [ 5 ] Alternative fuel is also shown to reduce non-carbon emissions such as the release of nitric oxide and nitrogen dioxide , as well ...
Indifference curve for perfect complements. A perfect complement is a good that must be consumed with another good. The indifference curve of a perfect complement exhibits a right angle, as illustrated by the figure. [6] Such preferences can be represented by a Leontief utility function. Few goods behave as perfect complements. [6]
When land is cleared, it is often burned, releases large amounts of the greenhouse gas CO 2. Vegetable oil production would have to increase substantially to replace gasoline and diesel. With current technology, such an increase in production would have a substantial environmental impact. [30]
The United States Department of Energy projects that domestic consumption of synthetic fuel made from coal and natural gas will rise to 3.7 million barrels (590,000 m 3) per day in 2030 based on a price of $57 per barrel of high sulfur crude (Annual Energy Outlook 2006, Table 14, pg52).
Perfect substitutes have a linear utility function and a constant marginal rate of substitution, see figure 3. [7] If goods X and Y are perfect substitutes, any different consumption bundle will result in the consumer obtaining the same utility level for all the points on the indifference curve (utility function). [8]
The many individual oil and gas facilities were compacted into a single, state controlled company, The Cuba Oil Union (Spanish: Unión Cuba-Petróleo). Despite attempts at negotiation, no property was ever returned to the American companies and they have yet to receive any compensation from the Cuban government. [ 5 ]
The largest component of the average price of $2.80/gallon of regular grade gasoline in the United States from 2012 through 2021, representing 54.8% of the price of gas, was the price of crude oil. The second largest component during the same period was taxes—federal and state taxes representing 17% of the price of gas.