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Hicks, Hayek, Hotelling, Hubbert, and Hysteria or Energy, Exhaustion, Environmentalism, and Etatism in the 21st Century

In 2008, energy independence is making an unwelcome return in a greatly expanded form. The old import-danger excuse is supplemented by claims that exhaustion and global warming also will be cured. The import danger threat remains overblown. Exhaustion is not an impending problem and, if it were, it has no policy implications for anything including for imports. Similarly, whatever is true about global warming, it does not imply import controls.

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Energy Specializations: Petroleum – Policy and Regulation; Energy and the Environment – Policy and Regulation; Energy and the Economy – Energy as a Productive Input; Energy and the Economy –Economic Growth and Energy Demand; Energy and the Economy – Resource Endowments and Economic Performance; Energy and the Economy – Energy Shocks and Business Cycles

JEL Codes: Q40: Energy: General, Q35: Hydrocarbon Resources, Q41: Energy: Demand and Supply; Prices, Q31: Nonrenewable Resources and Conservation: Demand and Supply; Prices, Q54: Climate; Natural Disasters and Their Management; Global Warming

Keywords: Oil dependence, resource depletion, energy policy, US

DOI: 10.5547/ISSN0195-6574-EJ-Vol30-No2-1

Published in Volume 30, Number 2 of the bi-monthly journal of the IAEE's Energy Economics Education Foundation.


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