On the climate change effects of high oil prices

Some commentators claim that the oil market has achieved within a few months what international bureaucrats have struggled to obtain in a decade of international climate negotiations. The fallacy of the oil price argument is that substitutions and income effects that would result from higher oil prices are not considered. Using a computable general equilibrium model, we show that high oil prices cannot serve as substitutes for effective climate policies.


Published in:
Energy Policy, 35, 2, 844-849
Year:
2007
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 Record created 2008-02-08, last modified 2018-12-03

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