Energy Resources Wednesday, March 16

Energy Flow 2002 – United States Source:

$ Energy BTUs S D U.S. Energy Market

U.S. Energy Flow 2002 Domestic Production Quadrillion BTUs Coal22.55 Natural Gas19.56 Crude Oil12.31 Nuclear8.15 Renewables5.9

Energy BTUs $ CoalRenewables Crude S cr SrSr S co D Example: Distribution of Consumption Among Alternative Sources of Energy, U.S.

Energy BTUs $ CoalRenewables Crude S cr SrSr S co D Do energy costs reflect true costs of their use?

Energy BTUs $ CoalRenewables Crude S cr SrSr S co D Do energy costs reflect true costs of their use?

U.S. Energy Flow 2002 Crude Oil (quad. BTUs) Total Energy (quad. BTUs) Domestic Production Imported

The Global Oil Market  series/global.html

$ Quantity of petroleum Domestic Supply SDSD Domestic Demand International Supply SISI The U.S. Petroleum Market: Graph #1 PwPw QtQt QdQd imported

$ Quantity of petroleum Domestic Supply SDSD Domestic Demand International Supply SISI The U.S. Petroleum Market: Graph #2 QdQd PdPd Loss PwPw Q d2 P d2

$ Quantity of petroleum Domestic Supply SDSD Domestic Demand International Supply SISI The U.S. Petroleum Market: Graph #3 S I2 PwPw P w2 QdQd QtQt QdQd QtQt

$ Quantity of petroleum Domestic Supply SDSD Domestic Demand International Supply SISI The U.S. Petroleum Market: Graph #4 PwPw QdQd SDSD QtQt QdQd

$ Quantity of petroleum Domestic Supply SDSD Domestic Demand International Supply SISI The U.S. Petroleum Market: Graph #5 D QdQd QtQt QtQt

Conservation  series/conserve.html

Crude Oil -- Elasticity of Demand CountryShort Run Elasticity Long Run Elasticity United States France New Zealand Source: J.B.Cooper “Price Elasticity of Demand for Crude Oil: Estimates for 23 Countries.” OPEC Review, March 2003

$ Quantity of petroleum Domestic Supply SDSD Domestic Demand International Supply SISI The U.S. Petroleum Market: S I2 P w2 Q

$ Quantity of petroleum Domestic Supply SDSD Domestic Demand International Supply SISI The U.S. Petroleum Market: S I2 P w2 Q

$ Quantity of petroleum Domestic Supply SDSD Domestic Demand International Supply SISI The U.S. Petroleum Market: Graph #6 S I2 P w2 Welfare loss from self-sufficiency