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The Economics of Energy Security

Author

Listed:
  • Gilbert E. Metcalf

    (Department of Economics, Tufts University, Medford, Massachusetts 02155
    National Bureau of Economic Research, Cambridge, Massachusetts 02138)

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 and political and other noneconomic security concerns and discusses policy approaches that could enhance US 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 US 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 are more difficult to justify on economic grounds. Finally, the contrasting concerns over energy security between policy makers and economists are striking. The article notes some possible reasons for these differing views and suggests possible research opportunities in this area.

Suggested Citation

  • Gilbert E. Metcalf, 2014. "The Economics of Energy Security," Annual Review of Resource Economics, Annual Reviews, vol. 6(1), pages 155-174, October.
    • Handle: RePEc:anr:reseco:v:6:y:2014:p:155-174
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    File URL: http://www.annualreviews.org/doi/abs/10.1146/annurev-resource-100913-012333
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    Citations

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    Cited by:

    1. 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.
    2. 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.
    3. Choi, Bongseok & Park, Wooyoung & Yu, Bok-Keun, 2017. "Energy intensity and firm growth," Energy Economics, Elsevier, vol. 65(C), pages 399-410.
    4. Zhao, Nan & Liu, Xiaojie & Zhang, Zizhe, 2022. "Does competition from the informal sector affect firms’ energy intensity? Evidence from China," Structural Change and Economic Dynamics, Elsevier, vol. 62(C), pages 130-142.
    5. Punzi, Maria Teresa, 2019. "The impact of energy price uncertainty on macroeconomic variables," Energy Policy, Elsevier, vol. 129(C), pages 1306-1319.
    6. Schleiniger, Reto, 2016. "Implicit CO2 prices of fossil fuel use in Switzerland," Energy Policy, Elsevier, vol. 96(C), pages 411-420.
    7. 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.
    8. Bastianin, Andrea & Casoli, Chiara & Galeotti, Marzio, 2023. "The connectedness of Energy Transition Metals," Energy Economics, Elsevier, vol. 128(C).
    9. A. S. Puryaev, 2018. "Non-economic Characteristics for the Accounting in Projects’ Appraisal," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 3), pages 177-187.
    10. Saia, Artjom & Neshumayev, Dmitri & Hazak, Aaro & Sander, Priit & Järvik, Oliver & Konist, Alar, 2022. "Techno-economic assessment of CO2 capture possibilities for oil shale power plants," Renewable and Sustainable Energy Reviews, Elsevier, vol. 169(C).
    11. You-hua Chen & Chan Wang & Pu-yan Nie, 2020. "Emission regulation of conventional energy-intensive industries," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 22(4), pages 3723-3737, April.
    12. Banna, Hasanul & Alam, Ashraful & Chen, Xihui Haviour & Alam, Ahmed W., 2023. "Energy security and economic stability: The role of inflation and war," Energy Economics, Elsevier, vol. 126(C).

    More about this item

    Keywords

    oil dependence; energy policy; strategic petroleum reserve;
    All these keywords.

    JEL classification:

    • F50 - International Economics - - International Relations, National Security, and International Political Economy - - - General
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy

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