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Pursuant to a congressional request, GAO reviewed the effectiveness of the Administration's 1995 National Energy Policy Plan (NEPP) in reducing the vulnerability of the U.S. economy to oil supply disruptions and price shocks, focusing on: (1) the economic benefits of importing oil compared with the potential economic costs of vulnerability to oil shocks; (2) the extent to which the U.S. economy's vulnerability to oil shocks will likely change over time given the programs and policies contained in the Administration's 1995 NEPP and other relevant factors; and (3) options for reducing the economy's vulnerability to oil shocks.
GAO found that: (1) the U.S. economy realizes hundreds of billions of dollars in benefits annually by using relatively low cost imported oil rather than relying on more expensive domestic sources of energy; (2) by comparison, oil shocks impose large but infrequent economic costs that, when annualized, are estimated to cost the U.S. economy tens of billions of dollars per year; (3) the economic costs of oil price shocks depend largely upon the rise in the price of oil coupled with the nation's level of oil consumption, rather than the level of imports; (4) as long as market forces prevail, world and domestic oil prices will be the same and will rise and fall with changes in world oil market conditions; (5) under these conditions, an incremental decrease in oil imports would reduce the benefits of such imports without substantially lowering the costs of oil price shocks; (6) oil supply disruptions impose significant economic costs, and reliance on imported oil imposes military and other costs that are not easily measured; (7) while adopting the NEPP's initiatives may keep the economy's vulnerability to oil supply disruptions below what it otherwise would be, the Energy Information Administration's forecasts indicate that by most measures the economy will not likely be significantly less vulnerable through 2015, primarily because the demand for o
US General Accounting Office (GAO)
1996-12-12T12:00:00-05:00
2019-04-30T10:52:40-07:00
2019-04-30T10:52:40-07:00
US General Accounting Office (GAO)
uuid:a253d072-5af9-4a67-ab22-b19652ace08b
uuid:146fc51a-eb82-41b6-bde6-2eea05fdd27a
application/pdf
Energy policy; Petroleum industry and trade; Petroleum products; Prices; United States
RCED-97-6 Energy Security: Evaluating U.S. Vulnerability to Oil Supply Disruptions and Options for Mitigating Their Effects
Pursuant to a congressional request
GAO reviewed the effectiveness of the Administration's 1995 National Energy Policy Plan (NEPP) in reducing the vulnerability of the U.S. economy to oil supply disruptions and price shocks
focusing on: (1) the economic benefits of importing oil compared with the potential economic costs of vulnerability to oil shocks
(2) the extent to which the U.S. economy's vulnerability to oil shocks will likely change over time given the programs and policies contained in the Administration's 1995 NEPP and other relevant factors
and (3) options for reducing the economy's vulnerability to oil shocks.
GAO found that: (1) the U.S. economy realizes hundreds of billions of dollars in benefits annually by using relatively low cost imported oil rather than relying on more expensive domestic sources of energy
(2) by comparison
oil shocks impose large but infrequent economic costs that
when annualized
are estimated to cost the U.S. economy tens of billions of dollars per year
(3) the economic costs of oil price shocks depend largely upon the rise in the price of oil coupled with the nation's level of oil consumption
rather than the level of imports
(4) as long as market forces prevail
world and domestic oil prices will be the same and will rise and fall with changes in world oil market conditions
(5) under these conditions
an incremental decrease in oil imports would reduce the benefits of such imports without substantially lowering the costs of oil price shocks
(6) oil supply disruptions impose significant economic costs
and reliance on imported oil imposes military and other costs that are not easily measured
(7) while adopting the NEPP's initiatives may keep the economy's vulnerability to oil supply disruptions below what it otherwise would be
the Energy Information Administration's forecasts indicate that by most measures the economy will not likely be significantly less vulnerable through 2015
primarily because the demand for o
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