In recent years, the United States has become much more self-reliant in producing oil, and a newer economics literature suggests that oil demand may be more elastic and U.S. GDP may be less sensitive to world oil price shocks than was previously estimated. These developments suggest somewhat lower security costs may be associated with U.S. oil consumption. This analysis provides updated estimates of the security premiums for U.S. consumption of imported oil, U.S. consumption of domestically produced oil, and the substitution of imported oil for domestically produced oil. Estimates of the expected security costs of U.S. oil consumption are provided over the time horizon from 2015 to 2040, while taking into account projected world oil market conditions, the probabilities and sizes of world oil supply disruptions, the response of world oil prices to those supply disruptions, and the response of U.S. real GDP to those oil price shocks. The estimated oil security premiums suggest that U.S. oil security has become less of a policy concern.
Energy Policy – Elsevier
Published: Feb 1, 2018
It’s your single place to instantly
discover and read the research
that matters to you.
Enjoy affordable access to
over 18 million articles from more than
15,000 peer-reviewed journals.
All for just $49/month
Query the DeepDyve database, plus search all of PubMed and Google Scholar seamlessly
Save any article or search result from DeepDyve, PubMed, and Google Scholar... all in one place.
Get unlimited, online access to over 18 million full-text articles from more than 15,000 scientific journals.
Read from thousands of the leading scholarly journals from SpringerNature, Elsevier, Wiley-Blackwell, Oxford University Press and more.
All the latest content is available, no embargo periods.
“Hi guys, I cannot tell you how much I love this resource. Incredible. I really believe you've hit the nail on the head with this site in regards to solving the research-purchase issue.”Daniel C.
“Whoa! It’s like Spotify but for academic articles.”@Phil_Robichaud
“I must say, @deepdyve is a fabulous solution to the independent researcher's problem of #access to #information.”@deepthiw
“My last article couldn't be possible without the platform @deepdyve that makes journal papers cheaper.”@JoseServera