Clark Center Forum

About the Clark Center Forum

The Forum for the Kent A. Clark Center for Global Markets is home to the European, Finance, and US Economic Experts Panels as well as a repository of thoughtful, current, and reliable information regarding topics of the day.
On Global Markets

The Energy Shock

As readers will know, the global economy is in the early stages of an energy price shock driven by the ongoing conflict in the Middle East and the effective closure of the Strait of Hormuz.  This particular crisis is both difficult to write about and clouded in uncertainty. As with any geopolitical issue, and especially […] 
Europe

Energy Prices

Question A:

The release of strategic oil reserves announced by the International Energy Agency will deliver substantially lower prices for vehicle fuels over the next six months than would otherwise have been the case.

Question B:

Assuming that world commodity prices over the next six months continue to be elevated and volatile, temporarily subsidising or capping natural gas prices would be an effective way to protect European households and businesses from high energy bills.

Question C:

The vulnerability of the European economy to high and volatile fossil fuel prices indicates the need for stronger incentives to promote decarbonisation rather than rowing back on policy support for the energy transition.

 
US

Gas Prices

This US survey examines (a) The release of strategic oil reserves announced by the International Energy Agency will deliver substantially lower US gasoline prices at the pump over the next six months than would otherwise have been the case; (b) Assuming that world oil prices over the next six months continue to be elevated and volatile, temporarily suspending the federal gasoline tax would deliver substantially lower gas prices at the pump than otherwise over that period; (c) A temporary cap on US gasoline prices would substantially lower prices at the pump over the next six months without creating scarcity 
FT-Booth US Macroeconomists Survey

FTxBooth: Price of Oil and its Possible Effects?

This installment of the FTxBooth US Macroeconomists Survey discusses economists’ views regarding the rapidly fluctuating price of oil and its affect on the economy at large. The summary results are below and you can read the Financial Times article here, subscription required. View the results of this survey>> For social media: Please use the hashtag […] 
On Global Markets

Emissions Standards

The Clean Air Act is a foundational piece of US environmental legislation and, since 2009, has sat at the core of the government’s approach to regulating harmful emissions, such as carbon monoxide. The Environmental Protection Agency has now revoked its so-called greenhouse gas endangerment finding, potentially leading to a wave of deregulation. As a useful […] 
Europe

Emissions Regulation

This European survey examines: US regulation of greenhouse gases – including carbon dioxide from motor vehicles and power plants, and methane from oil and gas wells – rests on the Clean Air Act. The Environmental Protection Agency (EPA) recently announced its rescission of the greenhouse gas endangerment finding and motor vehicle greenhouse gas emission standards:
https://www.epa.gov/regulations-emissions-vehicles-and-engines/final-rule-rescission-greenhouse-gas-endangerment. The President of the National Academy of Sciences subsequently wrote to the organization's members, noting that 'the EPA justified its decision on legal, economic, and regulatory opinions, and not on the science’. (a) The weight of economic analysis and evidence supports the conclusion that some form of regulation of greenhouse gas emissions is warranted; (b) For US consumers and firms, the health and environmental benefits of greenhouse gas emission standards outweigh the costs, making the EPA rescission substantially net negative for American society; (c) Since the environmental costs of greenhouse gas emissions are globally distributed, some form of collective international regulation is warranted 
US

Emissions Regulation

This US survey examines: US regulation of greenhouse gases – including carbon dioxide from motor vehicles and power plants, and methane from oil and gas wells – rests on the Clean Air Act. The Environmental Protection Agency (EPA) recently announced its rescission of the greenhouse gas endangerment finding and motor vehicle greenhouse gas emission standards:
https://www.epa.gov/regulations-emissions-vehicles-and-engines/final-rule-rescission-greenhouse-gas-endangerment. The President of the National Academy of Sciences subsequently wrote to the organization's members, noting that 'the EPA justified its decision on legal, economic, and regulatory opinions, and not on the science’. (a) The weight of economic analysis and evidence supports the conclusion that some form of regulation of greenhouse gas emissions is warranted; (b) For US consumers and firms, the health and environmental benefits of greenhouse gas emission standards outweigh the costs, making the EPA rescission substantially net negative for American society; (c) Since the environmental costs of greenhouse gas emissions are globally distributed, some form of collective international regulation is warranted 

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