Optimal drawdown patterns for strategic petroleum reserves

An optimization model is described for determining optimal drawdown trajectories for strategic petroleum reserves during an embargo. Development of the model includes the derivation of a GNP response function which relates GNP (used as a measure of social welfare) and crude oil supply reductions. Tw...

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Bibliographic Details
Published inEnergy economics Vol. 1; no. 1; pp. 3 - 13
Main Authors Kuenne, Robert E., Blankenship, Jerry W., McCoy, Paul F.
Format Journal Article
LanguageEnglish
Published Amsterdam Elsevier B.V 1979
Elsevier Science
Elsevier
Guildford :IPC Science and Technology Press,1979
SeriesEnergy Economics
Subjects
Energy economics
Methodology
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Summary:An optimization model is described for determining optimal drawdown trajectories for strategic petroleum reserves during an embargo. Development of the model includes the derivation of a GNP response function which relates GNP (used as a measure of social welfare) and crude oil supply reductions. Two alternative forms of this function are used with the model. Simple algorithms are presented which give rapid solutions for the model.
ISSN:0140-9883
1873-6181
DOI:10.1016/0140-9883(79)90017-3