ABSTRACT
Presentations at this conference–and the Hemphill-Owens paper in particular–raise these important questions in energy policy: What are the effects of rapidly rising energy prices and what are the most reasonable public policies in the face of these price changes? For policy makers concerned with the level and rate of change in energy prices, a fundamental issue is the tradeoff between equity and efficiency. Unless this issue is faced squarely, it is virtually impossible to select from among the almost unlimited number of alternatives suggested for dealing the “the problem.” Furthermore, the analyst cannot evaluate the overall success of any program that is adopted without considering these impacts.
