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A Review of Issues Pertinent to Liquid Fuel Policy *
Author(s) -
GRUEN F. H.,
HILLMAN A. L.
Publication year - 1981
Publication title -
economic record
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.365
H-Index - 42
eISSN - 1475-4932
pISSN - 0013-0249
DOI - 10.1111/j.1475-4932.1981.tb01044.x
Subject(s) - economics , intergenerational equity , equity (law) , context (archaeology) , politics , schematic , intervention (counseling) , natural resource economics , public economics , political science , engineering , psychology , ecology , paleontology , electronic engineering , psychiatry , sustainability , law , biology
This paper provides a schematic review of economic issues pertinent to liquid fuel policy, with emphasis on the Australian setting. Pricing and depletion are considered in the context of possible disruption of import supplies. Subsequent sections deal with substitutes, R & D and exploration, storage, and demand‐side intervention. Consideration is given to the arguments that conservation is intrinsically desirable or, conversely, that domestic energy supplies ought to be priced ‘reasonably’ to consumers. Concluding remarks address the efficiency‐equity conflict in domestic oil pricing, oil as a ‘political’good, and the relation between political and economic costs of import dependence.