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Crude oil prices have dominated headlines and industry attention over the past year. In 2014 and continuing in 2015, the Organization of the Petroleum Exporting Countries (OPEC) agreed to unconstrained output for it 12 member countries, resulting in a dramatic increase in global oil supply. Meanwhile, China and Europe’s demand for oil has remained relatively steady. In addition, U.S. domestic production nearly doubled since 2008, decreasing domestic imports and leaving more oil on the global market. As a result, oil prices fell from $90 per barrel in 2014 to $46 per barrel today and projections indicate prices between $30 and $60 per barrel… [more]
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Member
U.S. House of Representatives
Climate change is a threat to our environment and our economy, and we cannot afford the risk of inaction. With our free market economy, the best solution is a simple, transparent tax on carbon that unleashes the power of the market and enables America to lead the way toward a new, clean energy economy. Importantly, a carbon tax produces revenues that can be used to help American businesses and families. But there are many options for how to use these revenues. Critics of carbon taxes frequently cite slower economic growth, increasing taxes on the poor, and hurting coal workers as… [more]
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Lead Senior Economist
Environmental Defense Fund
What determines the cost of a ton of coal? Is OPEC an oligopoly? Should we subsidize low-carbon energy or tax fossil fuels? Do Prius owners drive more? These are among the questions I cover in my Economics of Energy class. I’ve taught this class at Columbia University’s School of International and Public Affairs for the past five years. I hope to receive your feedback on how to improve this course. The course has two goals: to provide a set of tools to approach these and many other fundamental questions in energy economics, and to do so in plain English. Last… [more]
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On March 20th, following a lengthy public review process, Secretary of Interior Sally Jewell unveiled new federal regulations for hydraulic fracturing on federal lands. According to the Department of Interior, these new standards are designed to (1) improve safety, (2) protect groundwater by updating requirements for well-bore integrity, (3) ensure wastewater is disposed of properly and (4) require public disclosure by companies of chemicals. The regulations will go into effect on June 24th, 2015. The fracking boom put the U.S. on track to be a leading producer of oil and gas, yet most of the production has taken place on… [more]
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Visiting Fellow
Hudson Institute
A number of scholars, from the left and the right have floated versions of a carbon tax. Henry Paulson has also weighed in, favoring a tax. In theory, a uniform comprehensive carbon tax enforced among all major global emitters might have great advantages. Such a tax, if linked to a stringent accounting system, could be more transparent than any other approach to greenhouse gas control. In contrast to command-and-control schemes, a tax would target abatement resources to where they would be most cost-effective. A tax, unlike the 2009 cap-and-trade bill, would make it harder for proponents to falsely promise both… [more]
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The boom in oil and gas production in the United States has largely been heralded as a strong economic stimulus for the economy. For example, in an August 2013 interview, McKinsey partner Scott Nyquist outlined huge economic returns through increases in capital investment and jobs in the manufacturing sector. “This is an exciting game changer for the US economy,” said Nyquist. “It can create jobs through investment in the energy sector itself and through the ripple effects in other parts of the economy. It will increase the overall GDP of the country, which will increase the overall wealth and well-being… [more]
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