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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 will open with a presentation from former Department of Energy official Howard Gruenspecht 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 will present 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 will then discuss 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 will wrap 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.
· Howard Gruenspecht, Senior Energy Economist, MIT Energy Initiative
· Richard G. Newell, President and CEO, Resources for the Future
· Stephen P.A. Brown, University Fellow, Resources for the Future; Professor, University of Nevada-Las Vegas
· Alan J. Krupnick, Senior Fellow, Resources for the Future
Resources for the future
1616 P Street NW
Washington DC 20036