| Improving Energy Security Through an International Cooperative Approach to Emergency Oil Stockpiling (2002) | |||||||||||||||||
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| Recent world events have heightened concern about energy security and the possible risks of oil market disruptions. This paper examines the shared benefits of emergency oil stockpiling to the U.S., Asia and the IEA-Europe regions, in order to better understand the circumstances in which additional countries will find it in their interest to develop or increase their emergency oil stocks. The approach couples the results of a numerical simulation model of oil market disruptions and stockpile benefits with an analysis of the benefits of cooperation among stockpiling regions. To estimate the costs of oil market disruptions for individual countries and regions it utilizes aggregate estimates of the linkage between oil-price shocks and macroeconomic output. Key words: oil stockpiling, energy security, strategic petroleum reserve, macroeconomic costs of oil market disruptions Disclaimer: The views and opinions expressed here are those of the authors and do not necessary represent the views of the Department of Energy, or ORNL. We are grateful for the support of the U.S. Department of Energy. We are particularly thankful for the ideas and comments of John Shages, Walter Chilman,and Inja Paik (of DOE) and Keiichi Yokobori (APERC). | |||||||||||||||||
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