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The economics of allowing more U.S. oil drilling

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  • Hahn, Robert
  • Passell, Peter

Abstract

This paper examines the likely impact of developing U.S. energy resources on oil prices. In addition, we examine the benefits and costs of allowing drilling in the Arctic National Wildlife Refuge and the areas of the Outer Continental Shelf that were until recently closed to drilling. We find that allowing oil drilling in ANWR and the off-limits OCS would be likely to have a very modest impact on oil prices--on the order of 1%. However, a benefit-cost analysis of developing ANWR and off-limits OCS suggests that the benefits are likely to exceed the costs.

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Bibliographic Info

Article provided by Elsevier in its journal Energy Economics.

Volume (Year): 32 (2010)
Issue (Month): 3 (May)
Pages: 638-650

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Handle: RePEc:eee:eneeco:v:32:y:2010:i:3:p:638-650

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Web page: http://www.elsevier.com/locate/eneco

Related research

Keywords: Energy economics Environmental economics Resource economics Oil;

References

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  12. Parry, Ian & Darmstadter, Joel, 2003. "The Costs of U.S. Oil Dependency," Discussion Papers dp-03-59, Resources For the Future.
  13. Dermot Gately & Hiliard G. Huntington, 2002. "The Asymmetric Effects of Changes in Price and Income on Energy and Oil Demand," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 19-55.
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  16. Coats, R. Morris & Pecquet, Gary M., 2008. "The effect of opening up ANWR to drilling on the current price of oil," MPRA Paper 9543, University Library of Munich, Germany.
  17. Paul R. Portney, 1994. "The Contingent Valuation Debate: Why Economists Should Care," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 3-17, Fall.
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