Past Seminar

New Realities for US Energy Security

Nov 30, 2017 1616 P St NW, Washington, DC, 20036

About the Event

Since the 1973 oil crisis, both the US federal government and the public have been focused on improving the security of the nation’s oil supply. The fracking revolution has reduced our country’s vulnerability to shocks with political origins—but the recent gasoline shortages in Houston and Florida as well as the shutdown of parts of the US oil supply chain remind us of the susceptibility of the US energy sector to weather-related shocks.

This RFF seminar opened with brief remarks by RFF Senior Fellow Richard Morgenstern, followed by a presentation from Howard Gruenspecht (formerly of the US Energy Information Administration and Department of Energy) on the economic and political factors that have led to a very different oil security picture than the country faced decades ago. RFF President Richard Newell presented new research on how the shale oil boom has altered the flexibility of the US supply, as well as how price and inventory dynamics can inform Strategic Petroleum Reserve policy. RFF University Fellow Stephen Brown then discussed an RFF project that produced new estimates for the value of the oil security premium—a key metric used in benefit–cost analyses of related regulations. RFF Senior Fellow Alan Krupnick wrapped up with a discussion of the new energy security paradigm, which broadens the definition of US energy security beyond oil to include natural gas, electricity, and other energy systems.

Background and Related Publications