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After the Natural Gas Bubble: An Economic Evaluation of the Recent U.S. National Petroleum Council Study

Author

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  • Ken Costello
  • Hillard G. Huntington
  • James F. Wilson

Abstract

This perspective paper reviews and critiques the policy analysis and modeling of future natural gas markets in the National Petroleum Council’s 2003 natural gas study (NPC Study). The NPC Study provided an important and timely review of long-term natural gas supply, demand and potential policies to increase supply or suppress demand. However, its long-term scenarios used assumptions and simplifications that led to understating likely longer-term market reactions to higher natural gas prices, which results in exaggeration of the potential benefits of the policies recommended by the NPC. In addition, the narrow scope of the NPC Study did not address many important considerations in natural gas policy, such as the costs of recommended policies, or their impacts on taxpayers, resource owners, or the environment. Overall, the study does not provide the evidence needed to justify major natural gas policies, especially in view of the current uncertain market environment.

Suggested Citation

  • Ken Costello & Hillard G. Huntington & James F. Wilson, 2005. "After the Natural Gas Bubble: An Economic Evaluation of the Recent U.S. National Petroleum Council Study," The Energy Journal, , vol. 26(2), pages 89-109, April.
    • Handle: RePEc:sae:enejou:v:26:y:2005:i:2:p:89-109
    DOI: 10.5547/ISSN0195-6574-EJ-Vol26-No2-5
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    Cited by:

    1. Neuhoff, K. & von Hirschhausen, C., 2005. "Long-term vs. Short-term Contracts; A European perspective on natural gas," Cambridge Working Papers in Economics 0539, Faculty of Economics, University of Cambridge.
    2. Yaya, OlaOluwa Simon & Gil-Alana, Luis Alberiko & Carcel, Hector, 2015. "Testing fractional persistence and non-linearities in the natural gas market: An application of non-linear deterministic terms based on Chebyshev polynomials in time," Energy Economics, Elsevier, vol. 52(PA), pages 240-245.
    3. Wiser, Ryan & Bolinger, Mark, 2007. "Can deployment of renewable energy put downward pressure on natural gas prices?," Energy Policy, Elsevier, vol. 35(1), pages 295-306, January.

    More about this item

    Keywords

    Natural gas; government policy; US energy markets; National Petroleum Council;
    All these keywords.

    JEL classification:

    • F0 - International Economics - - General

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