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The Economics of Energy Security

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  • Gilbert E. Metcalf

Abstract

Energy security is the ability of households, businesses, and government to accommodate disruptions in supply in energy markets. This survey considers the economic dimensions of energy security, political and other non-economic security concerns and discusses policy approaches that could enhance U.S. energy security. A number of points emerge. First, energy security is enhanced by reducing consumption, not imports. A policy to eliminate oil imports, for example, will not enhance U.S. energy security whereas policies to reduce energy consumption can improve energy security. Second, energy security is distinct from considerations of energy externalities. Energy security taxes are appealing on political grounds but more difficult to justify on economic grounds. Finally, the contrasting concerns over energy security between policy makers and economists is striking. The survey notes some possible reasons for these differing views and suggests possible research opportunities in this area.

Suggested Citation

  • Gilbert E. Metcalf, 2013. "The Economics of Energy Security," NBER Working Papers 19729, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:19729
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    Cited by:

    1. repec:ucp:jaerec:doi:10.1086/693367 is not listed on IDEAS
    2. Charles F. Mason & Lucija A. Muehlenbachs & Sheila M. Olmstead, 2015. "The Economics of Shale Gas Development," Annual Review of Resource Economics, Annual Reviews, vol. 7(1), pages 269-289, October.
    3. Jared C. Carbone & Nicholas Rivers, 2014. "Climate policy and competitiveness: Policy guidance and quantitative evidence," Working Papers 2014-05, Colorado School of Mines, Division of Economics and Business.
    4. Schleiniger, Reto, 2016. "Implicit CO2 prices of fossil fuel use in Switzerland," Energy Policy, Elsevier, vol. 96(C), pages 411-420.
    5. repec:eee:eneeco:v:65:y:2017:i:c:p:399-410 is not listed on IDEAS
    6. Gilbert E. Metcalf, 2018. "The Impact of Removing Tax Preferences for US Oil and Natural Gas Production: Measuring Tax Subsidies by an Equivalent Price Impact Approach," Journal of the Association of Environmental and Resource Economists, University of Chicago Press, vol. 5(1), pages 1-37.

    More about this item

    JEL classification:

    • Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy

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