Energy Economics and Policy

Energy Economics and Policy

2nd Edition - January 1, 1986

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  • Authors: James M. Griffin, Henry B. Steele
  • eBook ISBN: 9781483257730

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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

  • Preface

    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


Product details

  • No. of pages: 412
  • Language: English
  • Copyright: © Academic Press 1986
  • Published: January 1, 1986
  • Imprint: Academic Press
  • eBook ISBN: 9781483257730

About the Authors

James M. Griffin

Henry B. Steele

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