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External Publications by Antoine Halff • December 19, 2016
Asia, the world’s largest oil-importing region, has been uniquely affected by the collapse of oil prices over the last two years. Low prices have been a mixed blessing for the region, carrying significant risk for the future. For example, low prices have stimulated oil demand but not economic growth, with the notable exception of India. The price decline has also slashed investment in future oil-production capacity and increased Asia’s dependence on exports from the Middle East at a time of rising political risk in that region.
In a special report on Asia’s energy security amid global market change, published by the National Bureau of Asian Research, CGEP program director Antoine Halff examines the short and longer term impacts of low oil prices on Asian countries and the risks to energy security. Key policy implications from the article include:
President Donald Trump has made energy a clear focus for his second term in the White House. Having campaigned on an “America First” platform that highlighted domestic fossil-fuel growth, the reversal of climate policies and clean energy incentives advanced by the Biden administration, and substantial tariffs on key US trading partners, he declared an “energy emergency” on his first day in office.
November’s election for president of the United States will have crucial implications for the nation’s and world’s energy and climate policies.
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External Publications by Antoine Halff • December 19, 2016