The Social Costs of Incremental Oil Imports PDF Download

Author: Mark Ethridge
Publisher:
ISBN:
Category : Energy policy
Languages : en
Pages : 44

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Author:
Publisher:
ISBN:
Category : Power resources
Languages : en
Pages : 462

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Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 162

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Author: David Lloyd Greene
Publisher:
ISBN:
Category : Gasoline
Languages : en
Pages : 160

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The partial monopolization of the world oil market by the OPEC cartel has produced significant economic costs to the economies of the world. This paper reports estimates of the costs of monopolization of oil to the U.S. over the period 1972-1991. Two fundamental assumptions of the analysis are, (1) that OPEC has acted as a monopoly, albeit with limited control, knowledge, and ability to act and, (2) that the U.S. and other consuming nations could, through collective (social) action affect the cartel's ability to act as a monopoly. We measure total costs by comparing actual costs for the 1972-1991 period to a hypothetical ''more competitive'' world oil market scenario. By measuring past costs we avoid the enormous uncertainties about the future course of the world oil market and leave to the reader's judgment the issue of how much the future will be like the past. We note that total cost numbers cannot be used to determine the value of reducing U.S. oil use by one barrel. They are useful for describing the overall size of the petroleum problem and are one important factor in deciding how much effort should be devoted to solving it. Monopoly pricing of oil transfers wealth from US. oil consumers to foreign oil producers and, by increasing the economic scarcity of oil, reduces the economy's potential to produce. The actions of the OPEC Cartel have also produced oil price shocks, both upward and downward, that generate additional costs because of the economy's inherent inability to adjust quickly to a large change in energy prices. Estimated total costs to the United States from these three sources for the 1972-1991 period are put at $4.1 trillion in 1990$ ($1.2 T wealth transfer, $0.8 T macroeconomic adjustment costs, $2.1 T potential GNP losses). The cost of the US's primary oil supply contingency program is small ($10 B) by comparison.

Author: United States. Congress. House. Committee on Banking, Finance, and Urban Affairs. Subcommittee on Economic Stabilization
Publisher:
ISBN:
Category : Government publications
Languages : en
Pages : 40

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Author: United States. Congress. House. Committee on Science and Technology. Subcommittee on Energy Development and Applications
Publisher:
ISBN:
Category : Coal
Languages : en
Pages : 462

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Author: United States. Minerals Management Service
Publisher:
ISBN:
Category : Atlantic Coast (U.S.)
Languages : en
Pages : 800

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Author: United States. Congress. Office of Technology Assessment
Publisher: Congress
ISBN:
Category : Science
Languages : en
Pages : 86

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Author: United States. Congress. Senate. Committee on Energy and Natural Resources
Publisher:
ISBN:
Category :
Languages : en
Pages : 1106

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Author: National Research Council
Publisher: National Academies Press
ISBN: 030910467X
Category : Science
Languages : en
Pages : 233

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Book Description
Since its inception in 1977 from an amalgam of federal authorities, the U.S. Department of Energy (DOE) has administered numerous programs aimed at developing applied energy technologies. In recent years, federal oversight of public expenditures has emphasized the integration of performance and budgeting. Notably, the Government Performance and Results Act (GPRA) was passed in 1993 in response to questions about the value and effectiveness of federal programs. GPRA and other mandates have led agencies to develop indicators of program performance and program outcomes. The development of indicators has been watched with keen interest by Congress, which has requested of the National Research Council (NRC) a series of reports using quantitative indicators to evaluate the effectiveness of applied energy research and development (R&D). The first such report took a retrospective view of the first 3 years of DOE R&D programs on fossil energy and energy efficiency. The report found that DOE-sponsored research had netted large commercial successes, such as advanced refrigerator compressors, electronic lighting ballasts, and emission control technology for flue gas desulfurization. However, some programs were judged to be costly failures in which large R&D expenditures did not result in a commercial energy technology. A follow-up NRC committee was assigned the task of adapting the methodology to the assessment of the future payoff of continuing programs. Evaluating the outcome of R&D expenditures requires an analysis of program costs and benefits. Doing so is not a trivial matter. First, the analysis of costs and benefits must reflect the full range of public benefits that are envisioned, accounting for environmental and energy security impacts as well as economic effects. Second, the analysis must consider how likely the research is to succeed and how valuable the research will be if successful. Finally, the analysis must consider what might happen if the government did not support the project: Would some non-DOE entity undertake it or an equivalent activity that would produce some or all of the benefits of government involvement? This second report continues to investigate the development and use of R&D outcome indicators and applies the benefits evaluation methodology to six DOE R&D activities. It provides further definition for the development of indicators for environmental and security benefits and refines the evaluation process based on its experience with the six DOE R&D case studies.