Reflections on fifteen years of energy policy

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Abstract
The events of the 1970’s—both the ‘‘energy crises’’ and the measures taken to alleviate them—changed our ways of thinking about energy. We now look at energy consumption as a largely substitutable means to various ends, not a goal or a measure of progress in and of itself. Energy demand growth has dropped markedly, even as the economy has grown. But there are many issues yet to be resolved if the United States is to have a comprehensive, rotational energy strategy. This paper tackles four of them: Is there a place for continued government economic and regulatory intervention in the energy marketplace? What should be the federal role in energy research and development? What are our prospects for new discoveries in domestic oil and gas? What is the future of nuclear power in the United States? The author believes that the best way to solve our energy problems is to gauge, and then reflect in our energy policy, the true costs and benefits of energy production and consumption. He concludes that conservation investments have proven to be so rewarding that energy efficiency should be receiving a major amount of attention from energy policy makers for reasons of economic efficiency and in order to minimize the impact of future crises.

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