On the Renewal of Concern for the Security of Oil Supply
AbstractIt seems curious that the security of oil supply would again emerge as a source of concern precisely when oil market conditions seem to be most favourable to oil-importing nations. We trace this development to the increased import volumes that have followed the 1986 collapse in the world oil price, and argue that concerns over the source of oil are of primary importance only in situations where physical availability is likely problematic. As the conception of security of supply is broadened, a distinction between random and strategic shocks is useful. Supply-side considerations, such as stockpiles, seem apt only to address the consequences of random shocks. As time horizons lengthen, supply-side measures lose their effectiveness, and demand-side considerations emerge as possible means of dampening the macroeconomic effects of future strategic shocks. Implementation remains an unresolved issue: the expected costs and benefits of specific interventions must still be compared.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by International Association for Energy Economics in its journal The Energy Journal.
Volume (Year): Volume16 (1995)
Issue (Month): Number 2 ()
Find related papers by JEL classification:
- F0 - International Economics - - General
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Cohen, Gail & Joutz, Frederick & Loungani, Prakash, 2011.
"Measuring energy security: Trends in the diversification of oil and natural gas supplies,"
Elsevier, vol. 39(9), pages 4860-4869, September.
- Prakash Loungani & Frederick L. Joutz & Gail Cohen, 2011. "Measuring Energy Security: Trends in the Diversification of Oil and Natural Gas Supplies," IMF Working Papers 11/39, International Monetary Fund.
- Huntington, Hillard G., 2003. "Energy disruptions, interfirm price effects and the aggregate economy," Energy Economics, Elsevier, vol. 25(2), pages 119-136, March.
- Greene, David L & Jones, Donald W & Leiby, Paul N, 1998. "The outlook for US oil dependence," Energy Policy, Elsevier, vol. 26(1), pages 55-69, January.
- Ulrich Oberndorfer & Dirk Ulbricht & Janina Ketterer, 2007.
"Lost in Transmission? Stock Market Impacts of the 2006 European Gas Crisis,"
Ifo Working Paper Series
Ifo Working Paper No. 41, Ifo Institute for Economic Research at the University of Munich.
- Oberndorfer, Ulrich & Ulbricht, Dirk, 2007. "Lost in Transmission? Stock Market Impacts of the 2006 European Gas Crisis," ZEW Discussion Papers 07-030, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (David Williams).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.