The gulf oil spill and the myth of affordable energy

Free Slides from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/ The Gulf Oil Spill and the Myth of Affordable Energy Post prepared May 30, 2010 Terms of Use: These slides are intended as a resource for economics teachers. You are free to use these slides in your economics classes together with whatever textbook you are using. If you like the slides, you may also want to take a look at my textbook, Introduction to Economics, from BVT Publishers. Check it out at http://www.bvtpublishing.com/disciplines.php?Economics . Check dolanecon.blogspot.com regularly for more slides like this

. . . but of course we need affordable energy—don’t we? ,[object Object],[object Object],Posting P100530 from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/ “ We need the oil that comes from offshore to keep this economy moving” —Sen. Mary Landrieu (D-LA) in WSJ http://online.wsj.com/article/SB10001424052748704269204575270842009220082.html?mod=rss_Today%27s_Most_Popular A ban on offshore drilling will hurt growth “by undercutting our nation's access to affordable, reliable, domestic sources of oil and natural gas” —Jack Gerard, President, American Petroleum Institute on CNN http://money.cnn.com/2010/05/28/news/companies/BP_safety_review/?postversion=2010052921 “ Access to affordable energy affects every sector of our economy, every state and every American family” —Eric Milito, American Petroleum Institute in NYT http://www.nytimes.com/2010/05/29/opinion/l29oil.html

So what are the facts? ,[object Object],[object Object],[object Object],Posting P100530 from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/

Germany ($5.38/gal): World Export Champion ,[object Object],[object Object],[object Object],Posting P100530 from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/

Norway ($4.37/gal): Resilient Economy, No Debt ,[object Object],[object Object],[object Object],Posting P100530 from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/

Iran ($.29/gal): Economic basket case ,[object Object],[object Object],[object Object],Posting P100530 from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/ Image source: pdclipart.com

So Why is Cheap Energy Bad for the Economy? ,[object Object],[object Object],Posting P100530 from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/ ,[object Object],[object Object],[object Object],Source: EPA

What Needs to be Done ,[object Object],[object Object],[object Object],[object Object],Posting P100530 from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/ Source: EPA Image source: Energy Information Administration

There Ain’t No Such Thing As A Free Lunch ,[object Object],[object Object],[object Object],[object Object],Posting P100530 from Ed Dolan’s Econ Blog http://dolanecon.blogspot.com/ Image source: pdclipart.com

The gulf oil spill and the myth of affordable energy

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The gulf oil spill and the myth of affordable energy