Hicks,Hayek,Hotelling,Hubbert,and Hysteria or Energy,Exhaustion,Environmentalism,and Etatism in the 21st Century

Abstract

In 2008, energy independence is making an unwelcome return in a greatly expanded form. The old import-danger excuse is supplemented by claims that exhaustion and global warming also will be cured. The import danger threat remains overblown. Exhaustion is not an impending problem and, if it were, it has no policy implications for anything including for imports. Similarly, whatever is true about global warming, it does not imply import controls.