Salone Arazzi
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The Future of Oil Prices
The Economics of an Integrated World Oil Market
[ paper] [ presentation]
William D. NORDHAUS - Yale University, USA
The United States and other high-income countries face several long-term challenges relating to energy. The headline issue, which is engaging a small army of scientists and international negotiators, is that of climate change. Here the key economic policy requires placing a price on carbon emissions from fossil fuels that reflects their social cost. Over the longer run, nations will need to find an economical way to make the transition from today's technologies, so dependent upon fossil fuels, to others that are essentially carbon-free.
Another set of issues, also highly complex and controversial, involves oil. For the United States these issues include, among others, the rising share of imports in U.S. oil consumption, local and regional pollution, the interaction with national security and our Iraq strategy, the rising dollar burden of imports, the recycling of oil revenue, price volatility, the unacceptably high profits of U.S. oil companies, trade-offs between drilling and environmental preservation, and oil's contribution to global warming.
Oil Price Behavior and the Future of Energy
A Blueprint for Oil Price Stabilization
Leonardo MAUGERI - Eni Spa, Italy
Understanding the Oil Future by Examining the Past
Adam E. SIEMINSKI - Deutsche Bank, USA
Discussion
[Listen to the Key-note Speakers' recordings synchronized to the slides] |
