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Authors

Arden Brummell

Abstract

The evolution of the energy system depends strongly on the economic, political and social framework within which it operates, a framework which is largely determined by government policy. This paper is a consideration of two alternative policy scenarios and their impacts on oil and natural gas. One scenario is dominated by a belief in the operation of markets. In the other, government policy is heavily relied upon to deal with major concerns over stability and economic security.

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