What Price Should be Paid to Keep U.S.Dependence on Foreign Oil in Check?

Farzin, Y.Hossein

from ARE Update Vol. 6, No. 3, Jan/Feb, 2003

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Abstract

The long-run U.S. oil supply, and hence oil security, depends significantly on additions to proven reserves—a process which is importantly influenced by the long-run, expected oil prices, in addition to geological or technological factors. It is shown that if U.S. oil import dependence is to be kept in check, steady annual oil price increases of 1.6-4.5% are essential.

Keywords

oil, gasoline, import, consumption, price, reserve, energy, geological, depletion

Citation

Farzin, Y.Hossein. "What Price Should be Paid to Keep U.S.Dependence on Foreign Oil in Check?" ARE Update 6(3)(2003):1-4. University of California Giannini Foundation of Agricultural Economics.
http://giannini.ucop.edu/publications/are-update/issues/2003/6/3/what-price-should-be-paid/