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The Economics of Energy Security

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  • Gilbert E. Metcalf

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, political and other non-economic security concerns and discusses policy approaches that could enhance U.S. 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 U.S. 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 more difficult to justify on economic grounds. Finally, the contrasting concerns over energy security between policy makers and economists is striking. The survey 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," Discussion Papers Series, Department of Economics, Tufts University 0790, Department of Economics, Tufts University.
    • Handle: RePEc:tuf:tuftec:0790
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    File URL: http://ase.tufts.edu/economics/documents/papers/2014/MetcalfEnergySecurity.pdf
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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. Bastianin, Andrea & Casoli, Chiara & Galeotti, Marzio, 2023. "The connectedness of Energy Transition Metals," Energy Economics, Elsevier, vol. 128(C).
    3. 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.
    4. 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).
    5. 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.
    6. 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.
    7. Punzi, Maria Teresa, 2019. "The impact of energy price uncertainty on macroeconomic variables," Energy Policy, Elsevier, vol. 129(C), pages 1306-1319.
    8. 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).
    9. Schleiniger, Reto, 2016. "Implicit CO2 prices of fossil fuel use in Switzerland," Energy Policy, Elsevier, vol. 96(C), pages 411-420.
    10. Choi, Bongseok & Park, Wooyoung & Yu, Bok-Keun, 2017. "Energy intensity and firm growth," Energy Economics, Elsevier, vol. 65(C), pages 399-410.
    11. 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.
    12. 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.

    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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