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Measuring energy security: Can the United States achieve oil independence?

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  • Greene, David L.
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    Abstract

    Stochastic simulation of the direct economic costs of oil dependence in an uncertain future is proposed as a useful metric of oil dependence. The market failure from which these costs arise is imperfect competition in the world oil market, chiefly as a consequence of the use of market power by the Organization of the Petroleum Exporting Countries (OPEC) cartel. Oil dependence costs can be substantial. It is estimated that oil dependence costs to the US economy in 2008 will exceed $500 billion. Other costs, such as military expenditures or foreign policy constraints are deemed to be largely derivative of the actual or potential economic costs of oil dependence. The use of quantifiable economic costs as a security metric leads to a measurable definition of oil independence, or oil security, which can be used to test the ability of specific policies to achieve oil independence in an uncertain future.

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    Bibliographic Info

    Article provided by Elsevier in its journal Energy Policy.

    Volume (Year): 38 (2010)
    Issue (Month): 4 (April)
    Pages: 1614-1621

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    Handle: RePEc:eee:enepol:v:38:y:2010:i:4:p:1614-1621

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

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    Keywords: Oil dependence Energy security Energy metrics;

    References

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    1. Daniel L. Greene, 2007. "Future Prices and Availability of Transport Fuels," OECD/ITF Joint Transport Research Centre Discussion Papers 2007/15, OECD Publishing.
    2. Donald W. Jones, Paul N. Leiby and Inja K. Paik, 2004. "Oil Price Shocks and the Macroeconomy: What Has Been Learned Since 1996," The Energy Journal, International Association for Energy Economics, International Association for Energy Economics, vol. 0(Number 2), pages 1-32.
    3. Delucchi, Mark & Murphy, James, 2008. "US military expenditures to protect the use of Persian Gulf oil for motor vehicles," Institute of Transportation Studies, Working Paper Series, Institute of Transportation Studies, UC Davis qt0j9561zd, Institute of Transportation Studies, UC Davis.
    4. Greene, David L., 1991. "A note on OPEC market power and oil prices," Energy Economics, Elsevier, Elsevier, vol. 13(2), pages 123-129, April.
    5. Dermot Gately, 2004. "OPEC's Incentives for Faster Output Growth," The Energy Journal, International Association for Energy Economics, International Association for Energy Economics, vol. 0(Number 2), pages 75-96.
    6. Greene, David L & Jones, Donald W & Leiby, Paul N, 1998. "The outlook for US oil dependence," Energy Policy, Elsevier, Elsevier, vol. 26(1), pages 55-69, January.
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    Cited by:
    1. Yeh, Sonia & Sperling, Daniel, 2010. "Low carbon fuel standards: Implementation scenarios and challenges," Energy Policy, Elsevier, Elsevier, vol. 38(11), pages 6955-6965, November.
    2. Edward Hunter Christie & Pavel K. Bev & Volodymyr Golovko, 2011. "Vulnerability and Bargaining Power in EU-Russia Gas Relations," FIW Research Reports series, FIW III-003, FIW.
    3. Brown, Stephen P.A. & Huntington, Hillard G., 2013. "Assessing the U.S. oil security premium," Energy Economics, Elsevier, Elsevier, vol. 38(C), pages 118-127.
    4. Ali Mirchi & Saeed Hadian & Kaveh Madani & Omid M. Rouhani & Azadeh M. Rouhani, 2012. " World Energy Balance Outlook and OPEC Production Capacity: Implications for Global Oil Security," Energies, MDPI, Open Access Journal, vol. 5(8), pages 2626-2651, July.
    5. Wei Gu & Haojun Yu & Wei Liu & Junpeng Zhu & Xiaohui Xu, 2013. "Demand Response and Economic Dispatch of Power Systems Considering Large-Scale Plug-in Hybrid Electric Vehicles/Electric Vehicles (PHEVs/EVs): A Review," Energies, MDPI, Open Access Journal, vol. 6(9), pages 4394-4417, August.
    6. Fischhendler, Itay & Nathan, Daniel, 2014. "In the name of energy security: the struggle over the exportation of Israeli natural gas," Energy Policy, Elsevier, Elsevier, vol. 70(C), pages 152-162.
    7. Trevor Houser & Shashank Mohan, 2011. "America’s Energy Security Options," Policy Briefs PB11-10, Peterson Institute for International Economics.
    8. Jewell, Jessica & Cherp, Aleh & Riahi, Keywan, 2014. "Energy security under de-carbonization scenarios: An assessment framework and evaluation under different technology and policy choices," Energy Policy, Elsevier, Elsevier, vol. 65(C), pages 743-760.

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