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(Showing results 1 to 9 of 9)



Energy Prices and the U.S.Economy in 1979-1981

Knut Anton Mork and Robert E. Hall

Year: 1980
Volume: Volume 1
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol1-No2-2
View Abstract

Abstract:
For the second time in the decade, the U.S. economy is absorbing a large sudden shock in the world price of oil. From late in 1978 to June 1979, OPEC raised the world price of oil by closeto $9 per barrel. Western industrial nations could face a repetition of the serious recession of 1974-75 on close to the same scale. The increase in the total cost of energy inputs induced by this oil price increase is about two-thirds of the increase in 1974. The potential disruption to the U.S. economy and others is a similar fraction of what occurred in the earlier episode.



World Oil Price Increases: Sources and Solutions

Albert L. Danielsen, Edward B. Selby, Jr.

Year: 1980
Volume: Volume 1
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol1-No4-4
View Abstract

Abstract:
World oil prices have been high since 1973, compared to average production costs and historical norms, because the Organization of Petroleum Exporting Countries (OPEC) has functioned as a viable price-setting and output-restricting institution. Prices increased sharply in 1973-1974 and 1979, and in each case OPEC validated the higher price levels by subsequently cutting production. On the other hand, the importing countries have failed to establish institutions of their own that could mitigate price increases because they have not perceived the problem to be one of institutional control over prices. Instead, they have tended to view high oil prices as the result of resource scarcity. Their responses have been predominantly intermediate to long term, stockpiling for an embargo, encouraging conservation, and promoting the development of alternative energy



An Analysis of the Supply of Oil

Ali M. Reza

Year: 1981
Volume: Volume 2
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol2-No2-4
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Abstract:
The demand for oil has been studied more extensively than the supply of oil, perhaps because the theory underlying the demand for oil is more developed. But a better understanding of the supply of oil is also necessary in our analysis of the oil market, and this article is an effort in that direction. More specifically, in this article we are interested in determining the shape of the supply of oil for an oil-exporting nation and the factors that cause this supply to change; upon aggregation of such individual supplies OPEC's supply can then be obtained.



Determinants of Energy Use in Institutional Buildings: A Minnesota Example

Eric Hirst

Year: 1982
Volume: Volume 3
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol3-No1-4
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Abstract:
Energy use data are usually disaggregated by major end-use sector: residential, commercial, industrial, transportation. Generally speak-ing, data are weakest for the commercial sector, perhaps because this sector is often defined as a residual (i.e., that portion of the economy not included in the other sectors). However, energy use in commercial buildings accounts for about 15 percent of total U.S. energy use and is grow-ing more rapidly than energy use in other sectors. For example, commercial energy use amounted to almost 10 QBtu (10 EJ) in 1979; the average growth rate in commercial sector energy use was 1 percent per year between 1973 and 1979, compared with a growth rate of 0.3 percent per year for total U.S. energy use [1; 8].



Future World Oil Prices and Production Levels: An Economic Analysis

Robert A. Marshalla and Dale M. Nesbitt

Year: 1986
Volume: Volume 7
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol7-No1-1
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Abstract:
This paper is motivated by our beliefs that (1) economics does matter in world oil markets and (2) today's applied models either entirely neglect or (at best) only partially incorporate well-known economic fundamentals. We know of no applied model preceding ours that fully embodies the fundamental microeconomics of both depletable resources and industrial market structure (specifically dominant firm cartel theory) that characterize the world oil market.



An Analysis of the U.S. Department of Energy's Civilian R & D Budget

Ronald J. Sutherland

Year: 1989
Volume: Volume 10
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol10-No1-5
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Abstract:
The Department of Energy's R&D budget has experienced major changes in funding during the last two administrations. These changes are explained by administration policies that are based on perceived conditions of market failure. Government funding of R&D can be supported on grounds of externalities, public goods and the absence of national contingency markets. Such funding cannot be justified on grounds of being long-term or high-risk. A portfolio model offers insights as to the appropriate definition of risk, a social discount rate and a balanced portfolio of R&D projects.



Understanding the Oil Industry: Economics as a Help or a Hindrance

Paul Stevens

Year: 1995
Volume: Volume16
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol16-No3-6
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Abstract:
This paper examines how economics has contributed to an understanding of the international oil industry. After considering why knowledge of the oil industry is a subject worthy of interest, the paper develops a stylized version of economic methodology. It then tries to apply this to the oil industry. However, the paper observes that in the past, because of secrecy and lack of data, there have been serious problems which inhibit the use of standard methodology. The result has been a tendency among some economists to apply untried theory to the industry with damaging results. The paper then considers how other economists have adopted a different approach and in doing so, have made significant contributions. The paper concludes by considering future, avenues for the further application of economic analysis to the oil industry.



Economic and Regulatory Factors Affecting the Maintenance of Nucleaer Power Plants

James G. Hewlett

Year: 1996
Volume: Volume17
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol17-No4-1
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Abstract:
This paper examines the factors causing the escalation in the 1980s and' subsequent leveling off of nuclear power plant non-fuel Operating and Maintenance (O&M) costs. Over the period 1974-93, real (inflation-adjusted) non-fuel O&M costs escalated from about $23 to about $97 per kilowatt of installed capacity (kW). However, much of the escalation in costs occurred in the 1980s. Over the period 1975-87, real O&M costs escalated at an annual rate of about 11 percent. Since then, the annual growth rate in real O&M costs fell to about I percent. The research found that the escalation in O&M costs was primarily due to increased regulatory activity by the Nuclear Regulatory, Commission. More important, there is little evidence that the moderation in the growth in O&M costs was regulatory induced, but instead was due to changes in the economic incentives to improve plant performance.



Nuclear Power: A Hedge against Uncertain Gas and Carbon Prices?

Fabien A. Roques , William J. Nuttall, David M. Newbery, Richard de Neufville, Stephen Connors

Year: 2006
Volume: Volume 27
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol27-No4-1
View Abstract

Abstract:
High fossil fuel prices have rekindled interest in nuclear power. This paper identifies specific characteristics making nuclear power unattractive to merchant generators in liberalized electricity markets, and argues that non-fossil fuel technologies have an overlooked option value given fuel and carbon price uncertainty. Stochastic optimization estimates the company option value of keeping open the choice between nuclear and gas technologies. The merchant option value decreases sharply as the correlation between electricity, gas, and carbon prices rises, casting doubt on whether merchant investors have adequate incentives to choose socially efficient diversification in liberalized electricity markets.





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