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42. Strategic Oil Stocks and Security of Supply
- Author:
- Giacomo Luciani and François-Loïc Henry
- Publication Date:
- 06-2011
- Content Type:
- Working Paper
- Institution:
- Centre for European Policy Studies
- Abstract:
- Holding strategic oil stocks is at first sight an obvious tool to address potential disturbances in supplies. Rationally defining the desirable size of stocks and designing rules for their predictable use is an elusive task, however. A key conceptual difficulty arises in the distinction between commercial and strategic stocks, because a physical shortfall in the oil supply will inevitably lead to an increase in prices. But if strategic stocks are utilised when prices increase they become indistinguishable from commercial stocks. This paper reviews the legislation in force in the US and the EU on the use of strategic oil stocks as well as the emergency response systems of the International Energy Agency. It finds that such measures have been activated rarely and in dubious circumstances. Alternative approaches are proposed consisting of encouraging companies and major consumers to hold larger stocks and seeking a cooperative agreement with oil-producing countries for mutually beneficial stock management.
- Topic:
- Security, Energy Policy, Markets, and Oil
- Political Geography:
- United States and Europe
43. Global Oil Supplies: The Impact of Resource Nationalism and Political Instability
- Author:
- Giacomo Luciani
- Publication Date:
- 05-2011
- Content Type:
- Working Paper
- Institution:
- Centre for European Policy Studies
- Abstract:
- This paper looks at resource nationalism and political instability as potential causes of disruption to global oil supplies. It points to depletion preferences and strategies as one form of resource nationalism. In most cases, resource nationalism appears to be motivated by rent maximisation. Hence, we see the adoption of more restrictive policies when prices rise. Conversely, when oil prices are low, increasing export volumes becomes more important. Restrictions on exports are common, especially for natural gas, which is sometimes reserved for national consumption. Export taxes are a tool used by some countries to extract revenue from oil producers. Domestic prices of gas and petroleum products are frequently much lower than international prices, also in some sense reducing availability for export. Political instability has a much more elusive impact on oil and gas exports, and historical experience points to contradictory potential outcomes. This paper concludes that political instability and resource nationalism are rarely associated with acute supply crises or shortfalls. Their effect is rather gradual and normally compensated by action in other parts of the system.
- Topic:
- Energy Policy, Nationalism, Oil, Politics, and Natural Resources
- Political Geography:
- United States
44. Globalizing West African oil: US 'energy security' and the global economy
- Author:
- Sam Raphael and Doug Stokes
- Publication Date:
- 07-2011
- Content Type:
- Journal Article
- Institution:
- Chatham House
- Abstract:
- This article examines the nature of US oil intervention in West Africa and in particular the ways in which US strategic policy is increasingly being wedded to energy security. It argues that academic debates of a 'new oil imperialism' overplays the geostrategic dimensions of US policy, which in turn underplays the forms of globalization promoted by Washington in the postwar world. Specifically, the US has long sought to 'transnationalize' economies in the developing world, rather than pursue a more mercantilist form of economic nationalism. This article argues that US oil intervention in Africa conforms to this broader picture, whereby processes of transnationalization and interstate competition are being played out against the backdrop of African oil. The recent turmoil in the Middle East and North Africa will add to these dynamics in interesting and unpredictable ways.
- Topic:
- Security and Oil
- Political Geography:
- Africa, United States, Middle East, North Africa, and West Africa
45. America's Energy Security Options
- Author:
- Trevor Houser
- Publication Date:
- 06-2011
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Like clock-work, as US gasoline prices approached $4 a gallon in spring 2011, energy security moved to the forefront of the American political debate. Global oil prices have recovered from their collapse during the financial crisis more quickly than expected due to resilient developing-country demand and political instability throughout the Middle East and North Africa. As with past oil price spikes, politicians have been quick to offer silver bullet solutions to lower gas prices and make America more energy secure. But given the complexity of the US energy system and global energy markets, it is difficult for even informed observers to evaluate how far current proposals go in solving the country's energy security challenge.
- Topic:
- Energy Policy, Oil, Natural Resources, and Biofuels
- Political Geography:
- United States, America, Middle East, and North Africa
46. Opting for Second Best in Libya?
- Author:
- Riccardo Alcaro
- Publication Date:
- 05-2011
- Content Type:
- Working Paper
- Institution:
- Istituto Affari Internazionali
- Abstract:
- The looming stalemate in the Libyan conflict is likely to lead to more civilian casualties, a de facto separation of Libya, the under-use of the country's energy resources, and an increase in illegal activities due to the legal and governance vacuum in the country. In addition, it risks denting NATO's credibility as a security provider. To break the stalemate, the coalition is leaning towards intensifying military operations and/or arming the rebels. Both imply a number of risks and political costs. A way to contain such risks and costs would be for NATO and its partners to re-calibrate the mission so that, alongside military action, the mission would foresee also a national reconciliation process, mediated by an international team. Linking military operations to a credible plan for Libya's political future would improve the odds for Gheddafi's regime to collapse.
- Topic:
- Security, NATO, and Oil
- Political Geography:
- United States, Libya, Arabia, and United Nations
47. The Revived Bretton Woods System, Liquidity Creation, and Asset Price Bubbles
- Author:
- Harris Dellas and George S. Tavlas
- Publication Date:
- 09-2011
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- In this article, we argue that the present constellation of exchange rate arrangements among the major currencies has led to the creation of excessive global liquidity, which has contributed to asset price bubbles. Although the exchange rates of many of the major currencies—including the U.S. dollar, the euro, the yen, and the pound sterling—float against each other, the currencies of many Asian emerging market economies and oil-exporting economies are pegged to the dollar. Dooley, Folkerts-Landau, and Garber (2004a) labeled this system “Bretton Woods II” (BWII). The original Bretton Woods regime (BWI) lasted for about a quarter of a century. Dooley, Folkerts-Landau, and Garber (DFG) argue that the present regime, despite its large global imbalances, will also be sustainable.
- Topic:
- Oil
- Political Geography:
- United States
48. South Sudan: Compounding Instability in Unity State
- Publication Date:
- 10-2011
- Content Type:
- Working Paper
- Institution:
- International Crisis Group
- Abstract:
- Unity state confronts a set of challenges unparalleled in South Sudan. Some exemplify concerns that register across the emerging republic; others are unique to the state. Situated abreast multiple frontiers, its political, social, economic and security dilemmas make for a perfect storm. Some have festered for years, while more recent developments—prompted by the partition of the "old" Sudan—have exacerbated instability and intensified resource pressure. Recent rebel militia activity has drawn considerable attention to the state, highlighting internal fractures and latent grievances. But the fault lines in Unity run deeper than the rebellions. A governance crisis—with a national subtext—has polarised state politics and sown seeds of discontent. Territorial disputes, cross-border tensions, economic isolation, development deficits and a still tenuous North-South relationship also fuel instability, each one compounding the next amid a rapidly evolving post-independence environment. Juba, and its international partners, must marshal attention and resources toward the fundamental sources of instability in places like Unity if the emerging Republic is to realise its full potential.
- Topic:
- Security, Development, Economics, and Oil
- Political Geography:
- Africa, United States, and Sudan
49. Saudi Arabia in the New Middle East
- Author:
- F. Gregory Gause III
- Publication Date:
- 12-2011
- Content Type:
- Working Paper
- Institution:
- Council on Foreign Relations
- Abstract:
- There is arguably no more unlikely U.S. ally than Saudi Arabia: monarchical, deeply conservative socially, promoter of an austere and intolerant version of Islam, birthplace of Osama bin Laden and fifteen of the nineteen 9/11 hijackers. Consequently, there is no U.S. ally less well understood. Many U.S. policymakers assume that the Saudi regime is fragile, despite its remarkable record of domestic stability in the turbulent Middle East. “It is an unstable country in an unstable region,” one congressional staffer said in July 2011. Yet it is the Arab country least affected in its domestic politics by the Arab upheavals of 2011. Many who think it is unstable domestically also paradoxically attribute enormous power to it, to the extent that they depict it as leading a “counterrevolution” against those upheavals throughout the region. 2 One wonders just how “counterrevolutionary” the Saudis are when they have supported the NATO campaign against Muammar al-Qaddafi, successfully negotiated the transfer of power from Ali Abdullah Saleh in Yemen, and condemned the crackdown on protestors by Syrian president Bashar al-Assad, and how powerful they are when they could do little to help their ally Hosni Mubarak in Egypt.
- Topic:
- Security, Foreign Policy, Diplomacy, Economics, International Trade and Finance, Islam, Oil, and Bilateral Relations
- Political Geography:
- United States, Middle East, Arabia, and Saudi Arabia
50. Primary Energy and Transportation Fuels and the Energy and Water Nexus: Ten Challenges
- Author:
- Blythe Lyons
- Publication Date:
- 11-2011
- Content Type:
- Policy Brief
- Institution:
- Atlantic Council
- Abstract:
- A substantive dialogue has emerged in the United States under the rubric of "the energy and water nexus," representing the deepening understanding of the circular relationship between water and energy. Both are essential building blocks of US economic and physical security, and interface with efforts to improve health and prosperity. On a national level, the criticality of this relationship to economic and public prosperity is often ignored, as energy and water impacts are largely specific to a watershed or a local surface water source. The United States today needs new policies and significant infrastructure investment in order to meet the increasing demand for water and energy, while dealing with the constraints of growing water scarcity and potential threats to water quality.
- Topic:
- Energy Policy, Environment, Oil, Natural Resources, Water, and Biofuels
- Political Geography:
- United States