In December 1997, more than 160 nations met in Kyoto, Japan, to negotiate binding limitations on greenhouse gases (for developed nations). The outcome of the meeting was the Kyoto Protocol, in which developed nations "agreed to limit their greenhouse gas emissions, relative to the levels emitted in 1990." Consequently, the US agreed to reduce emissions from 1990 levels by a modest 7 percent during the period 2008 to 2012. This report, from the Energy Information Administration (EIA), analyzes the impacts of the Kyoto Protocol on US energy markets and the economy during the 2008-2012 time frame, using the National Energy Modeling System (NEMS). This report (.pdf, .zip formats) "provides background discussion of the Kyoto Protocol and the framework and methodology of the analysis; ... summarizes the energy market results from the various carbon reduction cases;" provides the results of "EIA's analysis of the macroeconomic impacts of carbon reduction under different monetary and fiscal policy assumptions;" and compares study results of the costs of carbon reduction with results from previous studies.