The Case against Government Intervention in Energy Markets

Many politicians and pundits are panicked over the existing state of the oil and gasoline markets. Disregarding past experience, these parties advocate massive intervention in those markets, which would only serve to repeat and extend previous errors. These interventionists propose solutions to nonexistent problems. This Policy Analysis reviews the academic literature relevant to these matters and argues that the prevailing policy proposals are premised on a misunderstanding of energy economics and market realities. The interventionists do not distinguish between problems that government can remedy and those that it cannot. They ignore lessons that should have been learned from past experience. They embrace at best second- and third-best remedies rather than first-best remedies for the alleged problems. Moreover, they ignore the extreme difficulty associated with ensuring efficient policy response even when it seems to be theoretically warranted. Fear of oil imports is premised on pernicious myths that have long distorted energy policy. The U.S. defense posture probably would not be altered by reducing the extent to which oil is imported from troublesome regions. Fears about a near-term peak in global oil production are unwarranted, and government cannot help markets to respond properly even if the alarm proved correct. Market actors will produce the capital necessary for needed investments; no "Marshall Plans" are necessary. Price signals will efficiently order consumer behavior; energy-consumption mandates are therefore both unwise and unnecessary. Finally, more caution is needed regarding the case for public action to address global warming. The omnipresent calls for more aggressive energy diplomacy are misguided. Economic theory validated by historical experience implies that the diplomatic initiatives are exercises in futility because they seek to divert countries from the wealth maximization that is their goal. Similarly, the search for favorable access to crude oil is futile. Despite their popularity, rules to force reductions in energy use lack economic justification. Attacks on American oil companies and speculators seek to shift blame to those subject to U.S. government control from the uncontrollable foreign oil-producing governments that are truly to blame

EXPONENTIAL GENERALIZED DISTRIBUTIONS

In this paper we generalize the Fourier transform from the space of tempered distributions to a bigger space called exponential generalized distributions. For that purpose we replace the Schwartz space S by a smaller space X0 of smooth functions such that, among other properties, decay at infinity faster than any exponential. The construction of X0 is such that this space of test functions is closed for derivatives, for Fourier transform and for translations. We equip X0 with an appropriate locally convex topology and we study it’s dual X'0; we call X&#8242;0 the space of exponential generalized distributions. The space X&#8242;0 contains all the Schwartz tempered distributions, is closed for derivatives, and both, translations and Fourier transform, are vector and topological automorphisms in X&#8242;0. As non trivial examples of elements in X&#8242;0, we show that some multipole series appearing in physics are convergent in this space.</p

Thermal storage technologies for solar industrial process heat applications

The state-of-the-art of thermal storage subsystems for the intermediate and high temperature (100 C to 600 C) solar industrial process heat generation is presented. Primary emphasis is focused on buffering and diurnal storage as well as total energy transport. In addition, advanced thermal storage concepts which appear promising for future solar industrial process heat applications are discussed

Microwave properties of high transition temperature superconducting thin films

Extensive studies of the interaction of microwaves with YBa2Cu3O(7-delta), Bi-based, and Tl-based superconducting thin films deposited in several microwave substrates were performed. The data were obtained by measuring the microwave power transmitted through the film in the normal and the superconducting state and by resonant cavity techniques. The main motives were to qualify and understand the physical parameters such as the magnetic penetration depth, the complex conductivity, and the surface impedance, of high temperature superconducting (HTS) materials at microwave frequencies. Based on these parameters, the suitability of these HTS thin films is discussed for microwave applications

The 6670-Newton attitude-control thruster using hydrogen-oxygen propellant

The development of a reusable, attitude-control propulsion system for the space transportation system is discussed. A flight weight, gaseous oxygen attitude control thruster assembly was tested to obtain data on cyclic life, thermal and hydraulic characteristics, pulse response, and performance. The basic thruster components were tested in excess of 51,000 pulses and 660 seconds, steady state, with no degradation of the 93 percent characteristic exhaust velocity efficiency level. Nominal operating conditions were a chamber pressure of 207 N sq cm (300 psia), a mixture ratio of 4.0, a pulse width of 100 ms, and a pulse frequency of 2 Hz