There are many possible reasons for suspecting market failure in a product like gasoline. Throughout the world, the exploration, refining, and selling of petroleum products has long been controlled by large firms in oligopolistic or monopolized national markets. The United States is a sufficiently large importer of oil that it could have monopsony power, which would mean that we could increase the welfare of our own citizens by reducing our imports. Moreover, the consumption of petroleum products, especially in motor vehicles, generates many negative external costs, and will begin to examine closely in the next chapter. Where there are negative externalities, a free market will overproduce and over consume. (more…)
Because transportation is such a large contributor to global warming, both globally and in the United States, climate and energy ex ...
In the post-World War II period, until the beginning of the 1970s, oil price fluctuations were very small. From 1949 to 1970, a ...
Most major oil and gas firms engage in both upstream (i.e., hydrocarbon exploration and production) and downstream (i.e., hydro ...
The volatility in oil prices since the early 1970s is a remarkable feature of energy economics. Annual fluctuations in the oil ...
Analysis of future light-duty transportation energy use require estimates of the impact of fuel prices on travel and fleet fuel ...
Some of alternative fuel sources are by no means new. For centuries people have harnessed the power of running water for a variety of needs, particularly for agriculture or farming. Water wheels were constructed in the Middle East, Greece, and China thousands of years ago, and they were common fixtures on the farms of Europe by the Middle Ages. In the early 21st century hydroelectric dam, which generate electricity from the power of rivers, provide about 9 % of the electricity in the United States. Worldwide, there are about 40,000 such dams. (more…)
Some forms of alternative energy sources are really new; while most of the energy forms are really come form in development and ...
With ethanol’s future uncertain, many commentators see the transportation debate evolving into a war between two other technologies ...
The energy that people use every day comes from many different sources. The resources are divided into two main groups: renewa ...
The most commonly researched and most developed application of using hydrogen as a fuel source is in conjunction with a hydrogen fu ...
During the twentieth century, energy has become much more easily available. Most energy comes from burning fossil fuels (oil, gas, ...
