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On the Renewal of Concern for the Security of Oil Supply

Author

Listed:
  • Chantale LaCasse
  • Andre Plourde

Abstract

It 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.

Suggested Citation

  • Chantale LaCasse & Andre Plourde, 1995. "On the Renewal of Concern for the Security of Oil Supply," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 1-24.
    • Handle: RePEc:aen:journl:1995v16-02-a01
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    Citations

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    Cited by:

    1. Cohen, Gail & Joutz, Frederick & Loungani, Prakash, 2011. "Measuring energy security: Trends in the diversification of oil and natural gas supplies," Energy Policy, Elsevier, vol. 39(9), pages 4860-4869, September.
    2. Ulrich Oberndorfer & Dirk Ulbricht & Janina Ketterer, 2007. "Lost in Transmission? Stock Market Impacts of the 2006 European Gas Crisis," ifo Working Paper Series 41, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    3. repec:eee:enepol:v:115:y:2018:i:c:p:426-433 is not listed on IDEAS
    4. Huntington, Hillard G., 2003. "Energy disruptions, interfirm price effects and the aggregate economy," Energy Economics, Elsevier, vol. 25(2), pages 119-136, March.
    5. Paul Ojeaga & Odejimi Deborah, 2014. "Demand for Energy and Energy Generation: Does Regional Energy Policy Play a Role?," Computational Methods in Social Sciences (CMSS), "Nicolae Titulescu" University of Bucharest, Faculty of Economic Sciences, vol. 2(1), pages 5-20, June.
    6. Javed Anwar, 2014. "The Role of Renewable Energy Supply and Carbon Tax in the Improvement of Energy Security: A Case Study of Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 53(4), pages 347-370.
    7. Yang, Yuying & Li, Jianping & Sun, Xiaolei & Chen, Jianming, 2014. "Measuring external oil supply risk: A modified diversification index with country risk and potential oil exports," Energy, Elsevier, vol. 68(C), pages 930-938.
    8. repec:eee:enepol:v:115:y:2018:i:c:p:456-469 is not listed on IDEAS
    9. repec:ntu:ntugeo:vol2-iss1-14-005 is not listed on IDEAS
    10. 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.

    More about this item

    JEL classification:

    • F0 - International Economics - - General

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