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Abstract
The terrorist attacks of 11 September 2001 reinvigorated the debate over US energy policy initiated by the publication of the National Energy Policy Report (NEPR) of May 2001. US policymakers were aware of the importance of diversification and market risk management, but judged an expansion of domestic production could insulate the US from price shocks. The attacks called attention to the high petroleum intensity of the American economy, led to increases in costs associated with doing business in the oil patch, highlighted the fundamental security problem inherent in oil markets, and probably stymied a nascent recovery. Global energy markets were rattled but not rocked – a result of the preexisting economic downturn and determined market intervention. A review of the changes in US energy strategy since 11 September 2001 suggests cool heads blocked an emotional, short‐run policy response and are instead working to diversify America's energy supply portfolio.
Notes
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