Petroleum and Energy

Abstract

While the term scarcity does not describe precisely the short term world energy supply situation, recent developments have focused world attention on anticipated future scarcity. This article briefly defines scarcity as it applies to energy today; considers some of the implica tions of scarcity; and examines some considerations for the future. It emphasizes the United States petroleum energy situation, as seen in the perspective of world energy supply, and calls for more efficient use of energy, policies to stimulate new energy supplies, and international cooperation on a long term basis. Finally, it discusses the proper role of government in energy matters—specifically, domestic price controls, tax policy, research and development funding, and a floor cost for imported oil.