EDITORIAL: A look at oil dependency

A useful policy-making exercise for the new year would be a fresh look at the concept of oil dependency. In the oil-consuming world, especially the US, fret over oil dependency is a ready and rich source of bad ideas. In the oil-exporting world, fret over oil dependency doesn´t occur often enough.Discussions about energy policy in the US routinely pivot on the supposed problem of oil dependency. Consumers worry about it when prices rise for gasoline and heating oil. Producers use it as a lever for their arguments. Antipetroleum activists invoke it on behalf of state intervention in energy markets.Wrong issueMost of the time, dependency is the wrong issue in the oil-consuming world. ...

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