IDEAS home Printed from https://ideas.repec.org/a/bla/coecpo/v11y1993i3p12-29.html
   My bibliography  Save this article

Limiting U.S. Oil Imports: Cost Estimates

Author

Listed:
  • HILLARD G. Huntington

Abstract

The Energy Modeling Forum recently compared ten world oil models. This paper examines the costs of curtailing growth in U.S. oil imports based upon the supply and demand responses to price in six of these models. The analysis estimates direct resource costs over the 1989–2010 period from U.S. results for aflat and a rising price case spanning an $18 per barrel difference by the year 2000 and beyond. To provide a balanced perspective, the paper also includes estimates of some potential benefits from import‐reduction policies. These benefits include smaller wealth transfers during a disruption and lower oil prices without disruptions. While keeping future oil imports at today's level appears to be quite costly, the results here indicate that less aggressive import‐reduction programs offer some opportunity for economic gain.

Suggested Citation

  • HILLARD G. Huntington, 1993. "Limiting U.S. Oil Imports: Cost Estimates," Contemporary Economic Policy, Western Economic Association International, vol. 11(3), pages 12-29, July.
    • Handle: RePEc:bla:coecpo:v:11:y:1993:i:3:p:12-29
    DOI: 10.1111/j.1465-7287.1993.tb00386.x
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/j.1465-7287.1993.tb00386.x
    Download Restriction: no
    File URL: https://libkey.io/10.1111/j.1465-7287.1993.tb00386.x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. James L. Plummer, 1981. "Methods for Measuring the Oil Import Reduction Premium and the Oil Stockpile Premium," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 1-18.
    2. William D. Nordhaus, 1980. "The Energy Crisis and Macroeconomic Policy," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1).
    3. M.A. Adelman, 1989. "Mideast Governments and the Oil Price Prospect," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 15-24.
    4. S. P. A. Brown & Keith R. Phillips, 1991. "U.S. Oil Demand And Conservation," Contemporary Economic Policy, Western Economic Association International, vol. 9(1), pages 67-72, January.
    5. Sweeney, James L., 1990. "Oil import fees with exemptions : An empirical examination," Resources and Energy, Elsevier, vol. 11(3), pages 215-239, March.
    6. Broadman, Harry G., 1986. "The social cost of imported oil," Energy Policy, Elsevier, vol. 14(3), pages 242-252, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Leiby, Paul N. & Rubin, Jonathan, 2013. "Energy security implications of a national low carbon fuel standard," Energy Policy, Elsevier, vol. 56(C), pages 29-40.
    2. Islam, Aminul & Chan, Eng-Seng & Taufiq-Yap, Yun Hin & Mondal, Md. Alam Hossain & Moniruzzaman, M. & Mridha, Moniruzzaman, 2014. "Energy security in Bangladesh perspective—An assessment and implication," Renewable and Sustainable Energy Reviews, Elsevier, vol. 32(C), pages 154-171.
    3. Nasir Aminu, 2018. "Evaluation of a DSGE Model of Energy in the United Kingdom Using Stationary Data," Computational Economics, Springer;Society for Computational Economics, vol. 51(4), pages 1033-1068, April.
    4. Roger Fouquet, 2012. "Economics of Energy and Climate Change: Origins, Developments and Growth," Working Papers 2012-08, BC3.
    5. Brown, Stephen P.A. & Huntington, Hillard G., 2013. "Assessing the U.S. oil security premium," Energy Economics, Elsevier, vol. 38(C), pages 118-127.
    6. Jaffe, Amy Myers & Soligo, Ronald, 2002. "The role of inventories in oil market stability," The Quarterly Review of Economics and Finance, Elsevier, vol. 42(2), pages 401-415.
    7. Greene, David L & Jones, Donald W & Leiby, Paul N, 1998. "The outlook for US oil dependence," Energy Policy, Elsevier, vol. 26(1), pages 55-69, January.
    8. Hogan William W., 1983. "Oil Stockpiling: Help Thy Neighbor," The Energy Journal, , vol. 4(3), pages 49-72, July.
    9. Carol Dahl & Mine K. Yücel, 1992. "Energy security: a comparison of protectionist policies," Working Papers 9215, Federal Reserve Bank of Dallas.
    10. Lin Chan, Hing & Kam Lee, Shu, 1997. "Modelling and forecasting the demand for coal in China," Energy Economics, Elsevier, vol. 19(3), pages 271-287, July.
    11. Brown, Stephen P.A., 2018. "New estimates of the security costs of U.S. oil consumption," Energy Policy, Elsevier, vol. 113(C), pages 171-192.
    12. Bülent Temel, "undated". "From Value to Power: The Rise of Oil as a Political Economic Commodity," Working Papers 2012/52, Turkish Economic Association.
    13. Stephen P. A. Brown & Hillard G. Huntington, 1994. "The Economic Cost Of U.S. Oil Conservation," Contemporary Economic Policy, Western Economic Association International, vol. 12(3), pages 42-53, July.
    14. van de Ven, Dirk Jan & Fouquet, Roger, 2017. "Historical energy price shocks and their changing effects on the economy," Energy Economics, Elsevier, vol. 62(C), pages 204-216.
    15. Stephen Keen & Timothy M. Lenton & Antoine Godin & Devrim Yilmaz & Matheus Grasselli & Timothy J. Garrett, 2021. "Economists' erroneous estimates of damages from climate change," Papers 2108.07847, arXiv.org.
    16. Dahl, Carol & Yucel, Mine K, 1995. "Protectionist oil policies : A dynamic comparison for the USA," Energy Policy, Elsevier, vol. 23(7), pages 599-605, July.
    17. Robert Hahn & Caroline Cecot, 2009. "The benefits and costs of ethanol: an evaluation of the government’s analysis," Journal of Regulatory Economics, Springer, vol. 35(3), pages 275-295, June.
    18. Greene, David L, 1998. "Why CAFE worked," Energy Policy, Elsevier, vol. 26(8), pages 595-613, July.
    19. Brown, Stephen P.A. & Huntington, Hillard G., 2015. "Evaluating U.S. oil security and import reliance," Energy Policy, Elsevier, vol. 79(C), pages 9-22.
    20. Sugra Humbatova, 2023. "The Impact of Oil Prices on State Budget Income and Expenses: Case of Azerbaijan," International Journal of Energy Economics and Policy, Econjournals, vol. 13(1), pages 189-212, January.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:coecpo:v:11:y:1993:i:3:p:12-29. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://edirc.repec.org/data/weaaaea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.