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The Economic Cost Of U.S. Oil Conservation

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  • STEPHEN P. A. BROWN
  • HILLARD G. HUNTINGTON

Abstract

This article examines the costs of U.S. oil conservation by using parameters of five world oil models from a recent Energy Modeling Forum study. Variation in the estimated cost of oil conservation across the models suggests that achieving oil conservation through flexible policies that adjust to market conditions would better serve economic efficiency than would setting government‐mandated levels of oil consumption. Additionally, net world oil conservation is likely to be somewhat less than gross U.S. conservation. U.S. oil conservation lowers the world oil price and stimulates non‐U.S. oil consumption. Including the gains in non‐U.S. oil consumption raises the estimated costs of achieving a given conservation level.

Suggested Citation

  • Stephen P. A. Brown & Hillard G. Huntington, 1994. "The Economic Cost Of U.S. Oil Conservation," Contemporary Economic Policy, Western Economic Association International, vol. 12(3), pages 42-53, July.
    • Handle: RePEc:bla:coecpo:v:12:y:1994:i:3:p:42-53
    DOI: 10.1111/j.1465-7287.1994.tb00433.x
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    References listed on IDEAS

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    1. Bohm Peter, 1993. "Incomplete International Cooperation to Reduce CO2 Emissions: Alternative Policies," Journal of Environmental Economics and Management, Elsevier, vol. 24(3), pages 258-271, May.
    2. Hoel, Michael, 1991. "Global environmental problems: The effects of unilateral actions taken by one country," Journal of Environmental Economics and Management, Elsevier, vol. 20(1), pages 55-70, January.
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    5. Stephen P.A. Brown & Hillard G. Huntington, 1994. "LDC Cooperation in World Oil Conservation," The Energy Journal, International Association for Energy Economics, vol. 0(Special I), pages 310-328.
    6. Carol Dahl & Mine Yucel, 1991. "Testing Alternative Hypotheses of Oil Producer Behavior," The Energy Journal, International Association for Energy Economics, vol. 0(Number 4), pages 117-138.
    7. Huntington, Hillard G., 1993. "OECD oil demand : Estimated response surfaces for nine world oil models," Energy Economics, Elsevier, vol. 15(1), pages 49-56, January.
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    1. Stephen P. A. Brown & Hillard G. Huntington, 1998. "Some implications of increased cooperation in world oil conservation," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q II, pages 2-9.
    2. Stephen P. A. Brown & Hillard G. Huntington, 2003. "Terms of trade and OECD policies to mitigate global climate change," Economic and Financial Policy Review, Federal Reserve Bank of Dallas.
    3. Stephen P. A. Brown, 1998. "Global warming policy: some economic implications," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q IV, pages 26-35.

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