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171. Lowering the Price of Russian Gas: A Challenge for European Energy Security

Author:
Adnan Vatansever and David Koranyi
Publication Date:
03-2013
Content Type:
Policy Brief
Institution:
Atlantic Council
Abstract:
Europe's energy discourse has been unjustifiably preoccupied with concerns about potential physical disruptions of Russian gas. Yet, the real challenge for European-Russian energy relations, and in fact, for European energy security, lies in settling on a price that leaves both sides content. While Europe will come under increasing pressure to acquire affordable energy resources to enhance its competitiveness, Gazprom may find it increasingly difficult to deliver gas at lower prices in the coming years.
Topic:
Economics, Energy Policy, International Trade and Finance, Oil, and Bilateral Relations
Political Geography:
Russia and Europe

172. Security and Profit in China's Energy Policy: Hedging Against Risk

Author:
Øystein Tunsjø
Publication Date:
11-2013
Content Type:
Book
Institution:
Columbia University Press
Abstract:
China has developed sophisticated hedging strategies to insure against risks in the international petroleum market. It has managed a growing net oil import gap and supply disruptions by maintaining a favorable energy mix, pursuing overseas equity oil production, building a state-owned tanker fleet and strategic petroleum reserve, establishing cross-border pipelines, and diversifying its energy resources and routes. Though it cannot be "secured," China's energy security can be "insured" by marrying government concern with commercial initiatives. This book comprehensively analyzes China's domestic, global, maritime, and continental petroleum strategies and policies, establishing a new theoretical framework that captures the interrelationship between security and profit. Arguing that hedging is central to China's energy-security policy, this volume links government concerns about security of supply to energy companies' search for profits, and by drawing important distinctions between threats and risks, peacetime and wartime contingencies, and pipeline and seaborne energy-supply routes, the study shifts scholarly focus away from securing and toward insuring an adequate oil supply and from controlling toward managing any disruptions to the sea lines of communication. The book is the most detailed and accurate look to date at how China has hedged its energy bets and how its behavior fits a hedging pattern.
Topic:
Security, Energy Policy, International Trade and Finance, Oil, and Maritime Commerce
Political Geography:
China and East Asia
Publication Identifier:
9780231165082
Publication Identifier Type:
ISBN

173. Mexico Rising: Comprehensive Energy Reform at Last?

Author:
David J. Goldwyn
Publication Date:
12-2013
Content Type:
Working Paper
Institution:
Atlantic Council
Abstract:
Mexico's Congress passed its final hurdle to reform the Constitution and allow for private investment in the energy industry on December 12, 2013. This significant achievement heralds the most comprehensive energy reform in the last seventy-five years of the country's history.
Topic:
Economics, Energy Policy, International Trade and Finance, Markets, and Oil
Political Geography:
United States, Latin America, and Mexico

174. Global Oil Production is Surging: Implications for Prices, Geopolitics, and the Environment

Author:
Leonardo Maugeri
Publication Date:
06-2012
Content Type:
Policy Brief
Institution:
Belfer Center for Science and International Affairs, Harvard University
Abstract:
Oil Production Growth is Global. Global oil output capacity is likely to grow from 93 million barrels per day today to 110 million barrels per day by 2020—the largest increase in a single decade since the 1980s. The surge in oil production capacity will occur almost everywhere, with the largest increases in Iraq, the United States, Canada, Brazil, and Venezuela. United States Will Experience Unprecedented Output. Technological advances will increase the production of “unconventional” oil in the United States, which is in the midst of a shale boom. The Bakken/Three Forks formation in North Dakota alone has as much untapped shale/tight oil as a Persian Gulf country. Oil Prices May Collapse. If oil prices remain at or above $70 per barrel, investments will sustain the 20 percent increase in oil production capacity by 2020. However, world demand is sluggish due to the lagging economy and focus on energy efficiency. If these trends continue, we could see a significant dip—or even a temporary collapse—of oil prices. Shifting Market Has Geopolitical Consequences. While the Western Hemisphere could become oil self-sufficient by 2020, Iraq's oil output will also substantially increase as it stabilizes. China may escalate its competitive and political influence in the Persian Gulf and other oil-producing hotspots, including Canada, Venezuela, and possibly the United States. Oil Boom Must Trigger Environmental Action. Enforcement of environmental regulation and major investment in emission-reducing technologies must accompany the development of unconventional oil. Without this balance between industry and environmental interests, new oil production projects will be stymied or delayed.
Topic:
Economics, Industrial Policy, Oil, Political Economy, and Natural Resources
Political Geography:
United States

175. South Sudan's emergency state

Author:
Jort Hemmer
Publication Date:
09-2012
Content Type:
Working Paper
Institution:
Norwegian Centre for Conflict Resolution
Abstract:
Monday July 9th 2012 marked South Sudan's first anniversary as an independent state. But one year down the road, what is there to celebrate for this newborn polity? Faced with political stability and enduring external and domestic threats to its security, the nascent state of South Sudan has evolved into a patronage and crisis management tool for the ruling elite, putting the benefits of governance well beyond the reach of the majority of the population. There is little doubt that continuing conflict with Sudan, extreme underdevelopment and dependence on oil revenues will ensure that South Sudan remains a state in emergency for years to come. In many ways the characteristics and uses of this emergency dominate domestic political calculus. Essential institutional reforms have been postponed, as has any real democratic opening. Until a measure of calm in South Sudan's relations with Sudan is achieved, donors will have to look for areas of engagement where their objectives do not interfere with the short-term interests of a government that subsists on a war footing. In this regard South Sudan's decision to suspend oil production and the subsequent need to generate alternative revenues may offer new opportunities.
Topic:
Conflict Resolution, Security, Development, and Oil
Political Geography:
Africa and South Sudan

176. Direct Distribution of Oil Revenues in Venezuela: A Viable Alternative?

Author:
Pedro L. Rodríguez, José R. Morales, and Francisco J. Monaldi
Publication Date:
09-2012
Content Type:
Working Paper
Institution:
Center for Global Development
Abstract:
Venezuela is a textbook example of a resource-dependent country—between 1950 and 2008, oil generated over a trillion dollars of income for the state. Nevertheless, Venezuela currently combines an economy that is stagnant, despite high oil prices, with an increasingly authoritarian government. The authors argue that large oil rents that accrue to the state, together with a lack of formal and transparent mechanisms to facilitate citizen oversight, are a large part of the problem. They consider the nature of the fiscal contract between the Venezuelan government and its people. This has been characterized by increasing discretion of the executive; only a small share of the rents is now subject to political oversight within the framework of the budgetary system. The authors consider the case for direct distribution of rents, distinguishing it from a populist approach to transfers as effected through Venezuela's misiones. They also report on focus group discussions of the directdistribution approach and the political viability of direct transfers.
Topic:
Civil Society, Economics, Energy Policy, Government, Oil, and Political Economy
Political Geography:
Argentina and Latin America

177. Is China's outward investment in oil a global security concern?

Author:
Ilan Alon and Aleh Cherp
Publication Date:
10-2012
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
The motivations prompting China's dramatic increase in outward foreign direct investment (OFDI) are not always clear, especially regarding OFDI by state-owned enterprises (SOEs) in energy and natural resources. First, both commercial and governmental interests are intertwined, although not necessarily in lock-step. Chinese SOEs listed in the West may worry about the reputational risks to their global corporate citizenship, while government stakeholders may instead focus on diplomatic international relations. Second, subsidies for oil investments may be viewed as serving Chinese national interests and threatening the national security of the host countries. Whether China's OFDI will benefit or harm global energy security, economic development and diplomatic relations is still hotly contested.
Topic:
Economics, Emerging Markets, Energy Policy, International Trade and Finance, Oil, and Foreign Direct Investment
Political Geography:
China

178. Gasoline Taxes and Consumer Behavior

Author:
Erich Muehlegger, Shanjun Li, and Joshua Linn
Publication Date:
07-2012
Content Type:
Working Paper
Institution:
Belfer Center for Science and International Affairs, Harvard University
Abstract:
Gasoline taxes can be employed to correct externalities associated with automobile use, to reduce dependency on foreign oil, and to raise government revenue. Our understanding of the optimal gasoline tax and the efficacy of existing taxes is largely based on empirical analysis of consumer responses to gasoline price changes. In this paper, we directly examine how gasoline taxes affect consumer behavior as distinct from tax-exclusive gasoline prices. Our analysis shows that a 5-cent tax increase reduces gasoline consumption by 1.3 percent in the short-run, much larger than that from a 5-cent increase in the tax-exclusive gasoline price. This difference suggests that traditional analysis could significantly underestimate policy impacts of tax changes. We further investigate the differential effect from gasoline taxes and tax-exclusive gasoline prices on both the intensive and extensive margins of gasoline consumption. We discuss implications of our findings for the estimation of the implicit discount rate for vehicle purchases and for the fiscal benefits of raising taxes.
Topic:
Climate Change, Energy Policy, Oil, and Infrastructure

179. Oil: The Next Revolution: The Unprecedented Upsurge of Oil Production Capacity and What It Means for the World

Author:
Leonardo Maugeri
Publication Date:
06-2012
Content Type:
Working Paper
Institution:
Belfer Center for Science and International Affairs, Harvard University
Abstract:
Contrary to what most people believe, oil supply capacity is growing worldwide at such an unprecedented level that it might outpace consumption. This could lead to a glut of overproduction and a steep dip in oil prices.
Topic:
Economics, Industrial Policy, Markets, and Oil

180. Socioeconomic and Ecological Consequences of Biofuel Development in India

Author:
M.S. Umesh Babu and Sunil Nautiyal
Publication Date:
10-2012
Content Type:
Working Paper
Institution:
Norwegian Institute of International Affairs
Abstract:
This paper provides an overview on biofuel production and its pros and cons in India and elsewhere. The paper also discusses the major issue of whether biofuels are an alternative to fossil fuels or are a competitive for food production. It examines benefits for the rural poor by providing additional income, employment, land value, etc., and the circumstances of the biofuels market and its inputs for GDP growth in India. However, of late, biofuels and their production have failed to address challenges like supply of water and food security, for the growing population in India as well as many other developing countries in the world. This paper highlighted these issues in detail particularly disadvantages of biofuel production.
Topic:
Security, Environment, Oil, Water, and Food
Political Geography:
India