Using the supply-and-demand model

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Reference no: EM13864421


Oilman T. Boone Pickens has proposed a plan to build wind farms in the center of the United States to produce about 20 percent of the electricity consumed in the United States. This would replace that same percentage of electricity currently produced by natural gas. The natural gas saved would be used to replace gasoline to run cars and light trucks. According to Pickens, oil imports could be reduced by one-third. The United States currently uses about 25 percent of global oil production. However, there are other countries, namely China and India that are experiencing its own industrial revolutions thereby impacting the Pickens Plan. 

-Using the supply-and-demand model, explain using graphs how Pickens' plan would affect the global price of oil if it were to be successfully implemented. Feel free to further research this plan and other alternative energy plans, such as natural gas, wind, solar, hydrogen, and/or nuclear powers.-Please use separate graphs for U.S., China, and India oil markets, and additional graphs for U.S. alternative energy markets.

-If you were a government energy policy advisor, what would you recommend as an energy policy for the 21st Century? Why?



Reference no: EM13864421

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