Resource Economy Reading and Answer the Question

Please use 150 words to answer the following question: The phasedown of lead in gasoline began in 1974 when under the Clean Air act Amendments of 1970, the U.S. EPA introduced rules requiring the use of unleaded gasoline in new cars equipped with catalytic converters. To further promote the production of unleaded gasoline, EPA also scheduled performance standards requiring refineries to decrease the average lead content of all gasoline. The table below summarizes the incremental benefits and costs of tightening the U.S. lead standard from 1.1 gram to 0.1 gram per leaded gallon. If the decision were yours to change the lead standard, using the table, how would you justify a change in the lead standard? In your answer, be as specific as you can. You can use the overall costs and benefits or you can focus on a particular aspect of the table below (in the file). There’s also a relative reading you can read which is a discussion paper by the resources of the future in 2003 by Newell and Rogers (2003): https://web.mit.edu/ckolstad/www/Newell.pdf

 

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