By Joseph Markman

The oncoming trends of an expanding electric vehicle fleet, emergence of renewable fuels and political moves toward elimination of internal combustion engine-powered cars could easily prompt a rather existential question from the oil and gas industry: Will we ever stop using fossil fuels?

Short answer: no.

The answer to that question, which is the title of a 2016 Journal of Economic Perspectives paper by Thomas Covert and Michael Greenstone of the University of Chicago, and Christopher R. Knittel of the Massachusetts Institute of Technology (MIT), derives from both the reliable supply of fossil fuels as well as an unreliable pace of demand.

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Areas of Focus: Energy Markets
Definition
Energy Markets
Well-functioning markets are essential for providing access to reliable, affordable energy. EPIC research is uncovering the policies, prices and information needed to help energy markets work efficiently.
Electric Power
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Electric Power
As the electric power system faces new pressures and opportunities, EPIC research is working to identify the mix of policies needed to accelerate the global transition to clean, reliable, affordable...
Fossil Fuels
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Fossil Fuels
Under current policies, fossil fuels will play an important role in the energy system for the foreseeable future. EPIC research is exploring the costs and benefits of these fuels as...
Transportation
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Transportation
Mobility is central to economic activity. Yet, a lack of fuel diversity and continued demand growth have made the transportation industry a major contributor to global pollution and carbon emissions....