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• W278613855 abstract "Energy plays a central role in determining our overall economic well-being, from fueling our transportation systems, to heating and cooling our homes and businesses, to determining the and composition of goods and services produced in the economy. Energy prices determine choices both within and across energy sources, choices that are particularly important given increased concerns about carbon dioxide emissions and other external costs associated with the production and consumption of energy. In recent work with several co-authors, I examine the efficiency of energy prices in a variety of U.S. and international settings. I explore a variety of possible rationales for government intervention in energy markets and find that observed prices often differ from those that would be dictated by efficiency considerations alone. This usually reflects governments' pursuit of distributional and other objectives which must be weighed against the distortions that are imposed by deviations from efficient pricing. Global Fuel Subsidies The prices drivers pay at the pump for gasoline and diesel fuel vary widely across countries. In Venezuela, for example, gasoline costs only 6 cents per gallon and diesel fuel is even cheaper. It is no coincidence that gasoline consumption per capita in Venezuela is 40 percent higher than in any other country in Latin America. Fuel subsidies increase consumption above the efficient level, allowing transactions for which buyers' willingness to pay is very low. In a recent study, I find that gasoline and diesel subsidies totaled $110 billion worldwide in 2012. (1) The total dollar value of subsidies is largest in Saudi Arabia, Iran, Indonesia, and Venezuela, each with more than $10 billion annually in fuel subsidies. Under baseline assumptions about demand and supply elasticities, the annual efficiency of these subsidies--the amount of foregone output associated with these deviations from efficient pricing--is $44 billion, and this is ignoring externalities. Incorporating conservative estimates for the marginal external damages of driving doubles the estimated efficiency of these subsidies. Of course, there is also an efficiency when fuel prices are too high. In 2012, there were about two dozen countries that subsidized gasoline, but also two dozen countries where gasoline prices were above $7 per gallon. While it is true that traffic congestion and other external damages vary substantially across locations, these countries have prices that are difficult to justify on the basis of economic externalities associated with gasoline consumption. The Allocative Cost of Price Ceilings Prices coordinate actions between buyers and sellers, but they also allocate goods to the buyers who value them the most. Normally in a market all the buyers who are willing to pay more than the price buy the good. This maximizes consumer surplus which is the total value that consumers place on the amount of the good they consume, less the of purchasing it. However, when a price ceiling is imposed in a market, there is no longer an immediate mechanism that ensures this allocation. This cost of price ceilings has been noted, for example, in rental housing markets, but has tended to receive much less attention than the efficiency of too much or too little consumption. (2) A particularly lucid example of an allocative distortion is the U.S. natural gas market, which was subject to price ceilings between 1954 and 1989. In work with Lutz Kilian, I find that price ceilings led to severe misallocation of natural gas in the residential market. (3) While some households enjoyed access to cheap price-controlled natural gas, other households were locked out of the market altogether because new residential connections were unavailable in many parts of the country. Many of the households without access would have been willing to pay more to obtain it, but there was no mechanism that allowed these welfare-improving reallocations. …" @default.
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• W278613855 date "2014-03-22" @default.
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• W278613855 title "Pricing energy efficiently" @default.
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