pared to 2005 levels, petroleum use remains unchanged, the result of increased use of corn-based ethanol (to 12.0 billion gge/yr in 2050) and the addition of 8.9 billion gge/yr of cellulosic ethanol and 8.1 billion gallons of gasoline produced from coal. The net effect of increased overall energy use and the shift to a somewhat less carbon-intensive fuel mix is a 12 percent increase in 2050 GHG emissions.

Oil prices in this scenario are expected to gradually increase to $123/bbl by 2035 (in 2009$) according to AEO 2011, resulting in a pre-tax gasoline price of $3.16 in 2035. Gasoline prices are then extrapolated out to 2050 assuming the compound rate of growth modeled in AEO 2011 from 2030 to 2035, yielding a pre-tax price of $3.37. The current gasoline tax of $0.42/gal is assumed to remain the same (in constant dollars) out to 2050. Gasoline prices in this scenario are shown in Figure 5.2. The pre-tax fraction of these gasoline prices is assumed in all modeling scenarios.

5.3.1.2 Committee Reference Case

The committee further defined its own reference case to include all of the midrange assumptions it developed about vehicle efficiencies, fuel availability, and GHG emission rates up to 2025 (summarized in Chapters 2 and 3). This Committee Reference Case assumes that the 2025 fuel efficiency and emissions standards for LDVs will be met. The committee interprets the standards to require that new vehicles in 2025 must have on-road fuel economy averaging around 40 mpg (given a fleetwide CAFE rating of 49.6 mpg for new vehicles, the difference between on-road and test values, and the likely application of various credits under the CAFE program). See Box 5.1 for an explanation of on-road fuel economy compared to tested fuel economy ratings.

This case also assumes that the RFS2 goals will be met by 2030. As a result, corn ethanol sales rise to almost 10 billion gge/yr by 2015 and then remain at that level. Based on the analysis in Chapter 3, it is also assumed that all cellulosic biofuels will be thermochemically derived gasoline. The RFS2 requirements result in annual production of 13.2 billion gallons of such biofuels by 2030 and roughly constant levels thereafter.

Under the assumptions of the Committee Reference Case, the fuel economy (fuel consumption) of the stock of LDVs in use improves to 35.5 mpgge (2.8 gge/100 mi) in 2030 and to 41.6 mpgge (2.4 gge/100 mi) in 2050, up from 20.8 mpgge (4.8 gge/100 mi) in 2005 (Figure 5.3). This improvement is largely due to efficiency improvements in internal combustion engine vehicles (ICEVs) as well as increasing sales of hybrid electric vehicles (HEVs). Hybrids are more successful in this scenario compared to the BAU case, increasing their share of new-vehicle sales to 33 percent (7.3 million units) by 2050.

Greenhouse gas emissions are 30 percent below 2005 levels in 2030, at 1,057 million metric tons CO2 equivalent (MMTCO2e) per year, but rise again and are just 22 percent below in 2050 (1,121 MMTCO2e/yr) as VMT continues to rise while the efficiency of the on-road fleet remains approximately constant (Figure 5.4). Petroleum use is 36 percent below the 2005 level in 2030 (1.91 billion bbl/yr) and 30 percent below in 2050 (2.09 billion bbl/yr), also rising with

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FIGURE 5.2 Retail gasoline fuel prices (1978-2050), including federal and state taxes. Projected values shown as dotted line. SOURCE: Data from Annual Energy Review 2010 [1978-2010] (EIA, 2011b), Annual Energy Outlook 2011 [2010-2035] (EIA, 2011a), and extrapolation by the committee using the compound annual growth rate for 2030-2035 (0.42%) [2035-2050].



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