COVID-19 Update: We are currently shipping orders daily. However, due to transit disruptions in some geographies, deliveries may be delayed. To provide all customers with timely access to content, we are offering 50% off Science and Technology Print & eBook bundle options. Terms & conditions.
Energy Economics and Policy - 2nd Edition - ISBN: 9780123039521, 9781483257730

Energy Economics and Policy

2nd Edition

Authors: James M. Griffin Henry B. Steele
eBook ISBN: 9781483257730
Imprint: Academic Press
Published Date: 1st January 1986
Page Count: 412
Sales tax will be calculated at check-out Price includes VAT/GST
Price includes VAT/GST

Institutional Subscription

Secure Checkout

Personal information is secured with SSL technology.

Free Shipping

Free global shipping
No minimum order.


Energy Economics and Policy, Second Edition presents a unified analysis of energy economics and energy policy. This book deals with energy economics. It discusses the dimension of the energy problem—the role of energy in economic development, energy consumption patterns, energy supply, and oil prices. In dealing with equilibrium of energy demand and supply, the authors note that efficiency and equity considerations should be considered simultaneously using the income tax or welfare system to redress burdens imposed on the poor. The authors also analyze OPEC behavior and oil prices and notes six keys to the long-run viability of OPEC and their implications for future prices in oil. The authors present the environmental issues in energy development and the economics of pollution control. The authors cite the efficiency of low-cost emitters that receive incentives to control more compared to high-cost emitters. As regards conservation schemes, the authors note that prorationing polices seek to remedy symptoms of over drilling, excessive production, and flaring of natural gas—instead of addressing unified and efficient contracting systems. This book can prove beneficial to economists, environmentalists, and policy makers involved in oil and energy regulation and use.

Table of Contents


Chapter 1: The Dimensions of the Energy Problem

Energy: Its Role in Economic Development

Past and Present World Energy Consumption Patterns

Past and Present World Energy Supply Patterns

Price Developments: Pre- and Post-OPEC

Changing Public Perceptions of the "Energy Problem"

Recent Energy Policy Problems

Chapter 2: Static Criteria for Efficient Energy Resource Allocation

A Review of Static Resource Allocation Criteria

The Theoretical Ideal

Four Types of Market Failure

A Methodology for Quantifying Welfare Effects

Income Distributional Aspects of Welfare Analysis

From a Partial to a General Equilibrium Approach



Chapter 3: Criteria for Efficient Dynamic Resource Allocation


User Costs

User Costs and Expectations About the Future

Hotelling's r Percent Price Path

The Predictive Power of Hotelling's Model

Market Failures in a Dynamic Context 87

An Economist's Prescription for Efficient Energy Resource Allocation: A Pricing Problem


Chapter 4: OPEC Behavior and World Oil Prices


The World Oil Industry Before 1960: OPEC as an Embryo

The World Oil Market 1960-73: OPEC's Formative Years

The World Oil Market Since 1973: OPEC Reaches Maturity

Analysis of OPEC Behavior

Six Keys to the Long-Run Viability of OPEC and Their Implications for Future Oil Prices


Chapter 5: Environmental Issues in Energy Development


Goals and Goal Conflicts

Major Types of Pollution

Air Pollution

Water Pollution

Solid Waste Pollution

Radiation Pollution

Pollution Potential of Major Energy Sources: A Summary The Economics of Pollution Control


Chapter 6: Coping with Oil Supply Disruptions

Varying Conceptions of and Solutions to the Supply Uncertainty Problem

Optimal Methods of Reducing Dependence

Import Controls Versus Tariffs


Chapter 7: Conservation


The Mathematics of Energy Conservation

Evidence on the Potential for Conservation

Evidence on the Potential for Interfuel Competition

Thoughts on the Policy Importance of Defining Conservation

Examples of Market Failures and Government Regulatory Failures

Methods of Achieving Energy Conservation

Energy Conservation on the Supply Side: Conservation in Production



Chapter 8: Federal Taxation and Price Regulation of Energy Production


Oil Price Regulations

Price Controls on Natural Gas

The Affirmative Rationale for Price Controls

The Evidence to Support or Reject These Rationales

The Domestic Petroleum Industry: Basically Competitive? Problems in Administering Prices


Chapter 9: Energy Sources for the Twenty-First Century

Synthetic Fluid Fuels

Other Backstop Fuels: Certain Applications of Solar Energy

Nuclear Energy Developments

Other Energy Sources

Implications for Federal Research and Development Policy


References for Consultation

Chapter 10: Suggested Policy Directions

Toward a Comprehensive Energy Policy

OPEC: A Shift from Passive Acceptance

Methods of Ameliorating the Energy/Environmental Conflict

Suggested Approaches to the Problem of Coping with Oil Import Interruptions

Policies to Promote Conservation

Governmental Price Controls and Tax Policies

Energy Research and Development

Lessons Learned from the Past

Postscript: Political Constraints on Economic Policies in the Energy Arena


Bibliographic Items



No. of pages:
© Academic Press 1986
1st January 1986
Academic Press
eBook ISBN:

About the Authors

James M. Griffin

Henry B. Steele

Ratings and Reviews