Abstract
The energy scene in the twentieth century both has been and will continue to be characterised by change. Thus, there have been fundamental changes in both the level and pattern of world energy production and consumption. New sources of energy have become commercially viable — for example, electricity from nuclear power stations — while other sources have increasingly encountered supply constraints, for example hydro-electricity in many developed countries. The consumption of both oil and natural gas has increased many-fold, and one of the principal concerns of energy policy in the late 1970s is the forecast of future shortages of oil.
This is a preview of subscription content, log in via an institution.
Preview
Unable to display preview. Download preview PDF.
Notes and References
If present depletion policies are continued then gas supplies from indigenous gas reserves in Western Europe will decline before the end of this century. On the basis of present knowledge it appears unlikely that imports of gas will be available on the required scale at that time. Various studies have therefore argued that production from indigenous gas reservoirs should be limited. See, for example, B. de Vries and J. Kommandeur, ‘Gas for Western Europe: How Much for How Long?’, Energy Policy, vol. 3, no. 1 (Mar 1975) pp. 24–37.
For an analysis of the effects of Federal regulation of natural gas prices, see P. W. Macavoy and R. S. Pindyck, The Economics of the Natural Gas Shortage (1960–1980) (Amsterdam/New York: North-Holland/American Elsevier, 1975).
See E. W. Erickson and R. M. Spann, ‘The US Petroleum Industry’, in E. W. Erickson and L. Waverman (eds.), The Energy Question, vol. 2, North America (University of Toronto Press, 1974).
President Carter’s National Energy Plan (Washington: Executive Office of the President, 29 Apr 1977) planned to reverse this trend by using various tax measures to raise the prices of gas and oil to industrial users and utilities in order to stimulate the demand for coal and other alternative fuels. The Plan also contained regulatory provisions to prohibit the burning of oil and natural gas in new utility and industrial boilers. See Chapter 9, Section 9.4.
See the discussion of this issue by C. Robinson, ‘The Depletion of Energy Resources’, in D. W. Pearce (ed.), The Economics of Natural Resource Depletion (London: Macmillan, 1975) p. 25.
The oil companies have been accused of being very conservative in their estimates of the reserves available in the North Sea. For an account and discussion of this accusation, see P. R. Odell, ‘Optimal Development of the North Sea’s Oil Fields — A Summary’; C. G. Wall et al., ‘Optimal Development of the North Sea’s Oil Fields — The Criticisms’; P. R. Odell and E. Rosing, ‘Optimal Development of the North Sea’s Oil Fields — The Reply’, all in Energy Policy, vol. 5, no. 4 (Dec 1977) pp. 282–306.
Copyright information
© 1980 Michael G. Webb and Martin J. Ricketts
About this chapter
Cite this chapter
Webb, M.G., Ricketts, M.J. (1980). Statistical Background. In: The Economics of Energy. Palgrave, London. https://doi.org/10.1007/978-1-349-16323-6_2
Download citation
DOI: https://doi.org/10.1007/978-1-349-16323-6_2
Publisher Name: Palgrave, London
Print ISBN: 978-0-333-24496-8
Online ISBN: 978-1-349-16323-6
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)