Essays On U S Energy Regulation
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Essays On U S Energy Regulation
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Author : Anna Terkelsen
language : en
Publisher:
Release Date : 2021
Essays On U S Energy Regulation written by Anna Terkelsen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Electronic dissertations categories.
Chapter 1: Workable Competition and Allocative Efficiency in Deregulated U.S. Petroleum Pipeline Markets: Since 1990, the Federal Energy Regulatory Commission (FERC) has quietly and gradually removed price controls from oil pipeline segments through its ``market-based rate" program. Outside of individual rate cases, the FERC has not reviewed the success of this program in terms of efficiency improvement. I argue that, despite the lack of quantity data, market power and efficiency in transportation markets can be detected using available commodity price and sales data. Using a novel dataset linking oil pipeline rates and services to wholesale refined products prices, I study (1) the rate effects of oil pipeline deregulation, (2) whether deregulated pipelines exercise market power, and (3) whether deregulated rate signals result in improved allocative efficiency on deregulated lines. I find that deregulated carriers gradually increased rates up to 10 percent, or an average 5.7 percent, over the first five years. However, because commodity prices remained constant and sales increased in destination markets, the higher rates do not lead to the conclusion that firms set their deregulated rates supracompetitively. Instead, I offer evidence that rate deregulation led to efficiency improvement by allowing more higher-valued commodities to pass through the capacity constrained pipeline network in both Chicago and the broader U.S. pipeline market.Chapter 2: Spillovers of Mixed Regulation: Evidence from U.S. Petroleum Pipeline Markets: U.S. regulatory policy of oil pipeline markets produces mixed markets where regulated firms compete with unregulated firms. In this paper, I present a novel 35-year monthly panel of pipeline services including commodity-specific refined products consumption, refinery production, and waterborne movements. Using these data, I analyze two types of spillovers in partially regulated pipeline markets: spillovers within firm and spillovers across firms. I find when capacity-constrained firms are only partially deregulated, they set rates above the competitive level. Similarly, when deregulated firms compete against regulated firms, they can monopolize residual capacity in the market and reduce market efficiency.Chapter 3: Regulatory Threat Under Administrative Litigation: Though firm behavior under price regulation has been studied extensively in economics, law, and policy, few opportunities arise to study firm behavior under just the threat of such regulation, a potentially effective force alone. This paper extends the Glazer (1992) model of regulatory threat to the administrative litigation setting where bureaucratic commissioners, not legislators, decide whether to regulate rates of service providers in disputes between stakeholding parties. I find that firms should decrease their rates when they believe their regulators would rule against them in a complaint case. I empirically test the predictions of this model using FERC's 2012 challenge to deregulated rates, a perceived shift in its regulatory stance, but find that firms appear to increase prices in their most vulnerable markets.
Sustainable Energy And The States
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Author : Dianne Rahm
language : en
Publisher: McFarland
Release Date : 2014-11-18
Sustainable Energy And The States written by Dianne Rahm and has been published by McFarland this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-11-18 with Political Science categories.
With America’s dependence on fossil fuels painfully apparent due to world events and the resultant sharply rising gas prices, the search for renewable energy sources has never been more important. Still, the quest for sustainable energy is far from new. Since passage of the National Energy Act of 1978, states and the federal government have encouraged technological advances designed to make the United States self-sufficient when it comes to energy production. Government incentives and global-minded policymakers encourage development of alternative energy sources. While addressing the national issues of global climate change and energy security, the idea of sustainable energy must also find a way to appeal to an increasingly competitive market. Through nine case studies, this volume explores the roles which politics, market forces and leadership play as barriers or facilitators in the development of sustainable energy sources. Beginning with an overview of energy-related programs and legislation including the National Energy Act of 1978 and the Energy Policy acts of 1992 and 2005, the book discusses the various financial programs and policy mechanisms used by the states. Each of the nine essays examines sustainable energy development within a particular state or region. The importance of the political climate, the impact of free markets and the value of effective leadership with regard to this particular technological development remains a common thread. Topics such as the perceived effectiveness of state and federal governmental efforts and prevalent attitudes regarding renewable energy are also discussed. Each essay includes an in-depth bibliography with many website resources to encourage further research. Statistical tables are also provided. Instructors considering this book for use in a course may request an examination copy here.
Energy
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Author : Richard L. Gordon
language : en
Publisher: MIT Press (MA)
Release Date : 1986-11-30
Energy written by Richard L. Gordon and has been published by MIT Press (MA) this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986-11-30 with Business & Economics categories.
Energy: Markets and Regulation is a valuable survey of current thinking on energy economics, focusing on the regulation of energy markets. It covers nearly every aspect of the energy sector, including both international and domestic U.S. markets in oil and coal and the particular U.S. conditions in natural gas and nuclear power. It deals with resource estimation and energy supply and demand, and environmental control. Economic and institutional analysis of current problems includes an exploration of their historical background.The thirteen original contributions are dedicated to MIT economist and energy analyst M. A. Adelman. Adelman is the dean of academic economists concerned with energy markets and the effects of government regulation. All who work and teach in this area have been influenced by his ideas and insightful analysis, and many of the chapters in the book draw on and expand his earlier work.The preface by Charles P. Kindleberger and foreword by the editors outline the subject and introduce the essays. Their authors and topics are Paul R. Carpenter, Henry D. Jacoby, and Arthur W. Wright on the evolution of U.S. natural gas markets; G. Campbell Watkins on the interaction of U.S. and Canadian oil policies; Richard L. Gordon on world coal development; Martin B. Zimmerman on the problem of nuclear power in the United States; Paul W. MacAvoy on the EPA's record in controlling industrial air pollution; Robert W. Crandall and Theodore E. Keeler on public policies concerning the private auto; Philip K. Verleger, Jr. on the evolution of oil as a commodity; Jeffrey K. MacKie-Mason and Robert S. Pindyck on the theory and experience of cartels in the international minerals markets; Paul Leo Eckbo on worldwide petroleum taxation; Zenon S. Zannetos on oil tanker markets; Gordon M. Kaufman on oil and gas supply assessment; Paul G. Bradley on mineral and petroleum exploration; and Ernst R. Berndt and David 0. Wood on the influence of energy price shocks on U.S. productivity growth.Richard L. Gordon is Professor of Mineral Economics, The Pennsylvania State University; Henry D. Jacoby is Professor of Management, MIT; and Martin B. Zimmerman is Associate Professor of Economics, University of Michigan.
Energy Markets And Regulation
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Author : Morris Albert Adelman
language : en
Publisher: Cambridge, Mass. : MIT Press
Release Date : 1987
Energy Markets And Regulation written by Morris Albert Adelman and has been published by Cambridge, Mass. : MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1987 with Energy industries categories.
"Energy: Markets and Regulation" is a valuable survey of current thinking on energy economics, focusing on the regulation of energy markets. It covers nearly every aspect of the energy sector, including both international and domestic U.S. markets in oil and coal and the particular U.S. conditions in natural gas and nuclear power. It deals with resource estimation and energy supply and demand, and environmental control. Economic and institutional analysis of current problems includes an exploration of their historical background.The thirteen original contributions are dedicated to MIT economist and energy analyst M. A. Adelman. Adelman is the dean of academic economists concerned with energy markets and the effects of government regulation. All who work and teach in this area have been influenced by his ideas and insightful analysis, and many of the chapters in the book draw on and expand his earlier work.The preface by Charles P. Kindleberger and foreword by the editors outline the subject and introduce the essays. Their authors and topics are Paul R. Carpenter, Henry D. Jacoby, and Arthur W. Wright on the evolution of U.S. natural gas markets; G. Campbell Watkins on the interaction of U.S. and Canadian oil policies; Richard L. Gordon on world coal development; Martin B. Zimmerman on the problem of nuclear power in the United States; Paul W. MacAvoy on the EPA's record in controlling industrial air pollution; Robert W. Crandall and Theodore E. Keeler on public policies concerning the private auto; Philip K. Verleger, Jr. on the evolution of oil as a commodity; Jeffrey K. MacKie-Mason and Robert S. Pindyck on the theory and experience of cartels in the international minerals markets; Paul Leo Eckbo on worldwide petroleum taxation; Zenon S. Zannetos on oil tanker markets; Gordon M. Kaufman on oil and gas supply assessment; Paul G. Bradley on mineral and petroleum exploration; and Ernst R. Berndt and David 0. Wood on the influence of energy price shocks on U.S. productivity growth.Richard L. Gordon is Professor of Mineral Economics, The Pennsylvania State University; Henry D. Jacoby is Professor of Management, MIT; and Martin B. Zimmerman is Associate Professor of Economics, University of Michigan.
Oil In The Seventies
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Author : James W. McKie
language : en
Publisher:
Release Date : 1977
Oil In The Seventies written by James W. McKie and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1977 with Business & Economics categories.
Essays on Canadian and U.S. energy policies and demands.
Essays On U S Energy Markets
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Author : David Aaron Brightwell
language : en
Publisher:
Release Date : 2010
Essays On U S Energy Markets written by David Aaron Brightwell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
This dissertation examines three facets of U.S. energy use and policy. First, I examine the Gulf Coast petroleum refining industry to determine the structure of the industry. Using the duality between cost-minimization and production functions, I estimate the demand for labor to determine the underlying production function. The results indicate that refineries have become more capital intensive due to the relative price increase of labor. The industry has consolidated in response to higher labor costs and costs of environmental compliance. Next, I examine oil production in the United States. An empirical model based on the theoretical framework of Pindyck is used to estimate production. This model differs from previous research by using state level data rather than national level data. The results indicate that the production elasticity with respect to reserves and the price elasticity of supply are both inelastic in the long run. The implication of these findings is that policies designed to increase domestic production through subsidies, tax breaks, or royalty reductions will likely provide little additional oil. We simulate production under three scenarios. In the most extreme scenario, prices double between 2005 and 2030 while reserves increase by 50%. Under this scenario, oil production in 2030 is approximately the same as the 2005 level. The third essay estimates demand for fossil fuels in the U.S. and uses these estimates to forecast CO2 emissions. The results indicate that there is almost no substitution from one fossil fuel to another and that all three fossil fuels are inelastic in the long run. Additionally, all three fuels respond differently to changes in GDP. The result of the differing elasticities with respect to GDP is that the energy mix has changed over time. The implication for forecasting CO2 emissions is that models that cannot distinguish changes in the energy mix are not effective in forecasting CO2 emissions.
Running Dry
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Author : Toby Craig Jones
language : en
Publisher: Rutgers University Press
Release Date : 2015-08-06
Running Dry written by Toby Craig Jones and has been published by Rutgers University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-08-06 with Nature categories.
The world’s water is under siege. A combination of corporate greed, the elite pursuit of political power, and our unrelenting reliance on carbon-based energy is accerlating a broad range of environmental and political crises. Potentially catastrophic climate change, driven primarily by the consumption of oil and gas, threatens the environment in a variety of ways, including producing unprecedented patterns of heavy weather and superstorms in some places and droughts in others. Alongside intensifying environmental dangers posed by our reliance on carbon energy, the conditions of modern life, from happiness to the possibility of democratic politics, are also being undermined. In Running Dry, historian Toby Craig Jones explores how modern society’s unquenchable thirst for carbon-based energy is endangering the environment broadly, as well as the historical roots of this threat. This accessible book examines the history of the "energy-water nexus," the ways in which oil and gas extraction poison and dry up water resources, the role of corporate "science" in deflecting attention away from the emerging crises, and the ways in which the rush to capture more energy is also challenging America's democratic order.
Three Essays On U S Renewable Energy Policies
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Author : Shen Liu
language : en
Publisher:
Release Date : 2016
Three Essays On U S Renewable Energy Policies written by Shen Liu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
This study investigates three issues on U.S. renewable energy markets. The primary objective is to describe how U.S. renewable energy policies affect solar photovoltaic (PV) and biodiesel industries. The first essay develops and estimates an analytical framework for assessing the optimal solar energy subsidy, which takes into account the environment, health, employment, and electricity accessibility benefits. Results indicate that an optimal subsidy is positively affected by the marginal external benefit. Calibrating the model, using published elasticities, yields estimates of the optimal solar energy subsidy equaling to approximately $0.02 per kilowatt hour when employment effects are omitted. The estimated optimal subsidy is in line with many current state feed-in-tariff rates, giving support to these initiatives aimed at fostering solar energy production. The second essay examines price volatility spillovers among U.S. crude oil, diesel, biodiesel, and soybeans based on weekly prices from 2007 to 2014. A univariate EGARCH model along with a DCC-MGARCH model are employed. The univariate EGARCH model provides evidence of double-directional price-volatility spillovers between biodiesel and soybean markets and between crude oil and biodiesel markets. Further there exists unidirectional price-volatility spillovers from the crude oil market to the soybean market and from the diesel market to the biodiesel market. The DCC-MGARCH model indicates time-varying conditional correlations among markets and the pairwise conditional correlations fluctuated from 2008 to 2009. The third essay investigates the effect of Poisson type policy jumps on biodiesel investment through the theory of investment under uncertainty. The analysis considers the probability of a policy being implemented if it is not in effect and the probability of it being withdrawn if it is in effect. As an application, the policy switching regime of the discontinuous federal tax credit of $1.00 per gallon on biodiesel is modeled as a Poisson jump process. Results support that time inconsistent government policies do lead to market uncertainty. The analysis reveals a pronounced negative impact on the decisions to invest in a biodiesel refinery.
Essays On Environmental Regulations In Electricity Markets
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Author : Yanming Sun
language : en
Publisher:
Release Date : 2013
Essays On Environmental Regulations In Electricity Markets written by Yanming Sun and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Reducing the Greenhouse Gas pollution and promoting energy efficiency among consumers' energy use have been major public policy issues recently. Currently, both the United States and the European Union have set up explicit percentage requirements that require energy generators or consumers to undertake a certain percentage of their energy production or consumption from renewable sources. To achieve their renewable targets, the Tradable Green Certificates (TGC) system has been introduced in their electricity markets. Moreover, in order to promote energy conservation and achieve energy efficiency targets, price policies and price changes derived from environmental regulations have played a more important role in reducing electricity consumption. My research studies problems associated with these policy implementations. In Chapter 1, I analyze a competitive electricity market with two countries operated under a common TGC system. By using geometric illustrations, I compare the two countries' welfare when the renewable quota is chosen optimally under the common certificate market with three different situations. The policy recommendation is that when the value of damage parameter is sufficiently small, full integration with a TGC market is welfare superior to full integration of an all fossil-fuel based market with an optimal emissions standard. In Chapter 2, by analyzing a stylized theoretical model and numerical examples, I investigate the performance of the optimal renewables policy under full separation and full integration scenarios for two countries' electricity markets operated under TGC systems. In my third chapter, I look at residential electricity consumption responsiveness to increases of electricity price in the U.S. and the different effect of a price increase on electricity use for states of different income levels. My analysis reveals that raising the energy price in the short run will not give consumers much incentive to adjust their appliances and make energy conservation investments to reduce electricity use, while in the long run, consumers are more likely to lower their electricity consumption, facing the higher electricity price induced from regulation policies. In addition, for states of higher per capita GDP, raising the electricity price may be more effective to ensure a cut in electricity consumption.
Oil In The Seventies
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Author :
language : en
Publisher:
Release Date : 1977
Oil In The Seventies written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1977 with Energy policy categories.
Essays on Canadian and U.S. energy policies and demands.