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Potential impacts of expanded Arctic Alaska energy resource extraction on US energy sectors

Author

Listed:
  • Nong, Duy
  • Countryman, Amanda M.
  • Warziniack, Travis

Abstract

This paper examines the potential effects of the expansion of crude oil and natural gas extraction in Arctic Alaska on the U.S. economy, focusing on key energy sectors. Expanded extraction activities are expected to boost the U.S. economy at relatively small rates because the oil and natural gas extraction industries comprise a small share of GDP compared to other U.S. industries. However, this expansion may have substantial implications on energy sectors, with considerable growth expected in the oil and petroleum products manufacturing industry. The U.S. trade balance for energy resources may be improved through increased exports of crude oil (108%), natural gas (26%), and petroleum products (10%). Such increased exports of energy from the U.S. are important supplies to the international energy market given the substantial role of the U.S. in global energy trade. In the domestic market, U.S. households enjoy lower prices of fossil fuels and electricity as a result of expanded extraction.

Suggested Citation

  • Nong, Duy & Countryman, Amanda M. & Warziniack, Travis, 2018. "Potential impacts of expanded Arctic Alaska energy resource extraction on US energy sectors," Energy Policy, Elsevier, vol. 119(C), pages 574-584.
    • Handle: RePEc:eee:enepol:v:119:y:2018:i:c:p:574-584
    DOI: 10.1016/j.enpol.2018.05.003
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    Citations

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    Cited by:

    1. Nong, Duy & Nguyen, Duong Binh & Nguyen, Trung H. & Wang, Can & Siriwardana, Mahinda, 2020. "A stronger energy strategy for a new era of economic development in Vietnam: A quantitative assessment," Energy Policy, Elsevier, vol. 144(C).
    2. Singh, Vipul Kumar & Kumar, Pawan & Nishant, Shreyank, 2019. "Global connectedness of MSCI energy equity indices: A system-wide network approach," Energy Economics, Elsevier, vol. 84(C).
    3. Nong, Duy & Simshauser, Paul, 2020. "On energy and climate change policies: The impact of baseline projections," Applied Energy, Elsevier, vol. 269(C).
    4. Nong, Duy, 2019. "Potential economic impacts of global wild catch fishery decline in Southeast Asia and South America," Economic Analysis and Policy, Elsevier, vol. 62(C), pages 213-226.
    5. repec:lib:00johs:v:16:y:2020:i:1:p:30-40 is not listed on IDEAS
    6. Yulia Alexandrovna Nazarova & Natalya Yuryevna Sopilko & Andrey Valentinovich Kulakov & Irina Ivanovna Shatalova & Olga Yuryevna Myasnikova & Nataliya Vital evna Bondarchuk, 2019. "Feasibility Study of Renewable Energy Deployment Scenarios in Remote Arctic Communities," International Journal of Energy Economics and Policy, Econjournals, vol. 9(1), pages 330-335.
    7. Nong, Duy & Nguyen, Trung H. & Wang, Can & Van Khuc, Quy, 2020. "The environmental and economic impact of the emissions trading scheme (ETS) in Vietnam," Energy Policy, Elsevier, vol. 140(C).
    8. Nong, Duy, 2020. "Development of the electricity-environmental policy CGE model (GTAP-E-PowerS): A case of the carbon tax in South Africa," Energy Policy, Elsevier, vol. 140(C).

    More about this item

    Keywords

    Arctic Alaska; Energy extraction; GTAP-E; U.S. economy; Energy sectors;
    All these keywords.

    JEL classification:

    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
    • D60 - Microeconomics - - Welfare Economics - - - General
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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