Saving Oil in a Hurry:

International Energy Agency ^ | 2/28/2005 | IEA

[neutrino]

During 2004, oil prices reached levels unprecedented in recent years. Many IEA member countries and non-member countries alike are concerned about oil costs and oil security, and are looking for ways to improve their capability to handle market volatility. This book aims to provide assistance.

A core mission of the International Energy Agency (IEA) is energy supply security. Indeed, the Agreement on an International Energy Program (I.E.P.), the treaty signed by all IEA member countries, obliges IEA member countries to not only to maintain emergency oil reserves, but also to apply voluntary and mandatory measures for reducing oil consumption on very short notice during an oil supply disruption. As the transport sector in most OECD countries is the prime consumer of oil, this sector should be a central focus of IEA member countries’ emergency oil demand restraint programmes.

This book provides a new, quantitative assessment of the potential impacts and costs of oil demand restraint measures in transport, under the conditions of a supply disruption or other oil-related emergency. In short, there appear to be opportunities to achieve substantial reductions in transportation oil demand quickly and cheaply – if countries are prepared.

(snip) The book also provides methodologies that individual countries can use to make their own estimates. Each country is encouraged to engage in such analysis and consider which policies would be best adapted to their national circumstances.

Perhaps most importantly, this book is intended to raise awareness that demand response is an important aspect in dealing with supply disruptions. Oil demand in transport is indeed very “inelastic” in the short run, but the measures outlined here can help to change that, and give countries an important tool for lowering the duration, and the costs, of petroleum supply disruptions and accompanying price spikes.

[neutrino]

The entire report is long - 121 pages - but I urge you to at least skim through it.

Keep in mind that the U.S. has signed a treaty making us subject to decisions by the IEA - therefore, you and I could find ourselves restricted from driving on certain days due to a decision by the IEA.

Here's another excerpt:

Though driving bans are covered here, there are other types of rationing schemes that this analysis does not address, such as fuel allocation coupon systems. These types of measures may be needed, but should be seen as something of a last resort. Measures to reduce oil demand voluntarily appear likely to incur lower costs on society than simply restricting the supply of motor fuel. However, measures to reduce fuel “hoarding” and similar behaviours may provide an important complement to measures described here.

[maestro]

Saving Oil in a Hurry:

?....Uh,.......what are the 'futures' on.....synthetic 'oil'....?

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

[DonnerT]

So now there is a global enrgy socialist beaurocracy to control my consumption?

Guess who is going to get the biggest axe!

[neutrino]

Yep, that's the problem. And I'm concerned that those bureaucrats are going to take sadistic glee in taking us out of our cars.