New Realities for US Energy Security
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.
Event Details
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
- Oil Supply Shocks, US Gross Domestic Product, and the Oil Security Premium
Alan J. Krupnick, Richard D. Morgenstern, Nathan Balke, Stephen P.A. Brown, Ana María Herrera, and Shashank Mohan - How the Shale Boom Has Transformed the US Oil and Gas Industry
Richard G. Newell and Brian C. Prest - Valuation of Energy Security for the United States: Report to Congress, January 2017
US Department of Energy - Informing SPR Policy through Oil Futures and Inventory Dynamics
Richard G. Newell and Brian C. Prest - Is the US the New Swing Producer? The Price-Responsiveness of Tight Oil
Richard G. Newell and Brian C. Prest - Trophy Hunting vs. Manufacturing Energy: The Price-Responsiveness of Shale Gas
Richard G. Newell, Brian C. Prest, and Ashley Vissing
Event Video
Participants
Howard Gruenspecht
