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Energy security policies in EU-25--The expected cost of oil supply disruptions

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  • Hedenus, Fredrik
  • Azar, Christian
  • Johansson, Daniel J.A.
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    Abstract

    A framework for analyzing the impact on the expected cost of oil disruption by energy policies in EU-25 is developed. The framework takes into account how energy policies affect the oil market, the expected oil price increase, and the disruption costs. OPEC's strategic behavior is modelled as a dominant firm, and the model includes price interdependence between different energy commodities to better estimate the cost of an oil disruption. It is found that substituting pellets for oil in households and using imported sugar cane ethanol are cost-efficient policies if greenhouse gas benefits are included. Domestically produced wheat ethanol is not found to be cost-efficient even if both the expected cost of oil disruption and greenhouse gas benefits are included, the same also holds for hybrid vehicles. The gross expected economic gain of the policies is found to be between 9 and 22Â [euro]/bbl oil replaced.

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    Bibliographic Info

    Article provided by Elsevier in its journal Energy Policy.

    Volume (Year): 38 (2010)
    Issue (Month): 3 (March)
    Pages: 1241-1250

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    Handle: RePEc:eee:enepol:v:38:y:2010:i:3:p:1241-1250

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

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    Keywords: Energy security Oil disruption Climate policy;

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    As found on the RePEc Biblio, the curated bibliography for Economics:
    1. > Environmental and Natural Resource Economics > Energy Economics > Energy Policy
    2. > Environmental and Natural Resource Economics > Energy Economics > Energy Policy
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    Cited by:
    1. Xavier Labandeira & Baltasar Manzano, 2012. "Some Economic Aspects of Energy Security," Working Papers 09-2012, Economics for Energy.
    2. Shahbaz, Muhammad & Zeshan, Muhammad & Afza, Talat, 2012. "Is energy consumption effective to spur economic growth in Pakistan? New evidence from bounds test to level relationships and Granger causality tests," Economic Modelling, Elsevier, vol. 29(6), pages 2310-2319.
    3. Liao, Shu-Yi & Tseng, Wei-Chun & Chen, Chi-Chung, 2010. "Eliciting public preference for nuclear energy against the backdrop of global warming," Energy Policy, Elsevier, vol. 38(11), pages 7054-7069, November.
    4. Apergis, Nicholas & Payne, James E. & Menyah, Kojo & Wolde-Rufael, Yemane, 2010. "On the causal dynamics between emissions, nuclear energy, renewable energy, and economic growth," Ecological Economics, Elsevier, vol. 69(11), pages 2255-2260, September.
    5. Sivek, Martin & Kavina, Pavel & Jirásek, Jakub, 2011. "European Union and the formation of its initiative in energy minerals," Energy Policy, Elsevier, vol. 39(9), pages 5535-5540, September.
    6. Baltasar Manzano & Luis Rey, 2012. "The Welfare Cost of Energy Insecurity," Working Papers fa07-2012, Economics for Energy.

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