Figure 4
U.S. Air Emissions Summary: 197097 (million short tons)
250
-98%
1970
1997
200
150
-32%
100
50
-38%
-35%
+11%
-25%
0
Carbon
Nitrogen Oxides
Sulfur Dioxide
VOCs
Particulate
Lead
Monoxide
Matter
Source: Environmental Protection Agency.
Transient price flare-ups as a result of politi-
International Energy Agency, are unneces-
cally driven supply reductions are, of course,
sary, create bad incentives, and are poten-
possible. In the developed world, such
tially costly as well.
"worst-case" events for motorists are not
Air Pollution: A Vanishing Problem?
qualitatively, or even quantitatively, different
from abnormally cold winters for natural
Technology has a remarkable record not
gas consumers and abnormally hot sum-
only in unlocking, upgrading, and market-
mers for electricity users. They are transient
ing fossil-fuel resources but also in control-
economic burdens, not macroeconomic or
ling air emissions upon combustion. The
national security events worthy of proactive
progress of the United States in reducing
"energy policy."
outdoor air pollutants is a political, techno-
World oil markets are more fluid and
logical, and economic achievement that was
efficient than ever before, and this improve-
accomplished despite growing industrializa-
ment can be expected to continue as more
tion and robust energy usage. In the United
economies are liberalized in future decades.
States between 1970 and 1997 significant
Any alleged "energy security premium,"
reductions were recorded for carbon monox-
making the social cost of oil greater than its
ide, volatile organic compounds, sulfur diox-
private cost, is small and largely internal-
ide (SO ), particulate matter, and lead. Only
2
ized by the market.2 8 Thus investments such
nitrogen oxides (NO ) increased in that peri-
x
od, but under the Regional Transport Rule
as the U.S. Strategic Petroleum Reserve,
and Acid Rain program NO emissions are
which holds oil with an embedded cost sev-
x
expected to decline2 9 (Figure 4). Summarized
eral times the recent market price of crude
oil in present dollars, and international oil-
the Environmental Protection Agency,
sharing agreements in the event of a short-
"Since 1970, national total emissions of the
fall, such as those under the auspices of the
six criteria pollutants declined 31 percent,
8