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1 1 (1984)

handle is hein.amenin/aeiaanb0001 and id is 1 raw text is: The most important energy policy question is what to do when oil supplies are cut off. This book gives the answer. SENATOR BILL BRADLEY (Democrat, New Jersey) > O z p* Professors Horwich and Weimer present a convincing economic anal- a0 ysis, based on a decade of experience, in favor of a market-oriented 0 9 reaction to a new oil crisis. This study will serve as a firm basis for a O rational energy policy for the 1980s, in contrast to the insane policies m of the 1970s. CLARENCE J. BROWN, Deputy Secretary, Department of z[ Commerce; former ranking minority member, MO House Energy and Commerce Committee Z 0 -CD Oil Price Shocks, Market Response, C and Contingency Planning > M GEORGE HORWICH AND DAVID LEO WEIMER z M This volume suggests strategies to ease the stress posed by disrup- M tions in the oil supply. After describing the impact of such crises both M in general terms and in particular instances in the 1970s, the book examines means of contending with future disruptions, including the M 0 role of the strategic petroleum reserve, financial assistance programs, z demand restraint measures, monetary and fiscal policies, and interna- U) tional oil sharing. In Horwich and Weimer are highly critical of the petroleum regula- tions of the 1970s. They also find little merit in mandatory demand restraint measures or in proposals to reduce payroll taxes as an offset to energy costs. They argue that the sharing of oil supplies under the 0 international agreements, carried out at world market prices, is un- necessary as well as potentially harmful to participating countries that are members of the International Energy Agency. The centerpiece of the strategy that the authors regard as optimal is early drawdown of the strategic petroleum reserve in combination with financial assis- tance and a loosening of monetary policy. George Horwich is on leave from Purdue University, where he is professor of economics and holder of the Burton D. Morgan Chair of Private Enterprise; he is also an adjunct scholar at AEI and special assistant for contingency planning to the assistant secretary for policy, safety, and environment in the Department of Energy. David Leo Weimer is associate professor and deputy director of the Public Policy Analysis Program at the University of Rochester. American Enterprise Institute for Public Policy Research 1150 Seventeenth Street, N.W., Washington, D.C. 20036 ISBN 978-0-8447-3555-9 90000 9 780844 735559

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