The Economics of Energy Security

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Springer Science & Business Media, Jan 31, 1996 - Business & Economics - 151 pages
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his volume brings together and expands on research on the subject of energy T security externalities that we have conducted over a twenty-year period. We were motivated to bring this work together by the lack of a comprehensive analysis of the issues involved that was conveniently located in a single document, by the desire to focus that disparate body of research on the assessment of energy security externalities for policy purposes, and by the continuing concern of researchers and policymakers regarding the issues involved. Many misconceptions about energy security continue to persist in spite of a large body of research to the contrary, and we hope that this volume will help to dispel them. Most of our original research was funded by either the U.S. Department of Energy or Resources for the Future (RFF), and all of it was conducted while we served as staff members of RFF. To these institutions, and to the many individuals who commented on our original work, we wish to express our sincere gratitude. We also wish to express our appreciation to our colleague Margaret Walls for her sub stantial contribution to Chapter 7 on transportation policy.
  

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Contents

Introduction
1
Changing Perspectives about Energy Security
2
Taxonomy of Potential Externalities
4
From Externalities to Premiums
5
Plan of the Book
6
Basic Economic Concepts
9
Potential Externalities Related to Energy Imports
11
Potential Externalities Related to Energy Price Variability
18
Price Responsiveness Of Oil Supply and Demand
74
Changes in Supply and Demand
76
Changes in Market Organization and Institutions
81
Concluding Remarks
86
Endnotes
87
Applications of Energy Security Externalities to Electricity Policy
89
Externalities That Arise at the Local Level
91
Concluding Remarks
94

Problems of International Policy Coordination
24
Military Expenditures and Oil Import Costs
25
Defining Energy Security Premiums
26
Endnotes
27
Empirical Evidence on Energy Security Externalities
31
Oil Market Behavior
38
Indirect Effects of Oil Imports
48
Military Expenditures for Energy Security
53
The Greene and Leiby Study
54
Concluding Remarks
56
Endnotes
57
Empirical Measures of Oil Security Premiums
59
Economic Premium Estimates
61
Strategic Stockpile Premiums
69
Concluding Remarks
71
Changes in the Efficiency and Stability of the World Oil Market
73
Applications of Energy Security Externalities to Transportation Policy
95
Externalities in the Transportation Sector
96
Potential Contributions of AlternativeFuel Technologies
99
CNG as a Replacement for Gasoline
103
A Comparison of AlternativeFuel Vehicles
111
Derivation of the Social Welfare Impacts of CNG
112
Further Analysis of Alternative Fuels and Energy Price Stabilization
116
Endnotes
117
Implications for Energy Policy
121
Have the Externalities Been Internalized Already?
124
Concluding Remarks
129
Endnotes
130
References
131
Name Index
143
Subject Index
147
Copyright

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Page 131 - Electric Vehicles and the Environment: Consequences for Emissions and Air Quality in Los Angeles and US Regions, Discussion Paper QE91-01, Resources for the Future, Washington, DC, USA.

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About the author (1996)

Michael A. Toman is a senior economist at the Inter-American Development Bank and a former fellow at Resources for the Future.

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