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1) Professor William Nordhaus proposes a "Climate Club" to get the nations of the earth to work together in order to reduce CO2 emissions. What are the elements of his proposal? Why is his proposal superior, at least in concept, than the Kyoto Protocol or the Paris Accord? What evidence does he cite? (20 points) 2) What is Hotelling's keen insight with respect to the producer's decision to produce crude oil now versus a later date? Explain it please. (20 points)5) Look at these two charts. What can you expect to happen to the price of oil in 2022-23? Why? Explain your answer. (20 points) World liquid fuels production and consumption balance million barrels per day 105 world production forecast 100 95 world consumption 90 85 80 75 01 02 03 04 0102 03 04 01 02 03 04 01 0203 04 0102 03 04 0102 0304 01 02 03 04 2015 2016 2017 2018 2019 2020 2021 15 implied stock build -5 implied stock draw Source: U.S. Energy Information Administration, Short-Term Energy Outlook, September 2020 cia Baker Hughes Rig Count 2020 Latin Europe Africa Middle East Asia Pacific Total Ind. Canada U.S. Total World America Jan 179 133 114 430 222 1078 204 791 2073 Feb 184 130 120 427 224 1085 219 791 2125 Mar 169 123 108 428 231 1059 133 772 1964 89 112 420 191 915 33 586 1514 Apr 103 62 111 61 375 196 806 23 348 1176 May Jun 71 110 60 343 197 781 18 274 1073 Jul 74 105 56 315 193 743 32 255 1030 Aug 75 109 62 301 200 747 53 250 1050 With an added note-Peak rig count was in September 2014 US:1,930 Total Int'l: 1,308 (of which, the Middle East was 390) Canada: 4243) With a global crude oil supply interruption, what would be the consequences to the US domestic economy? Please describe why this is problem on the microeconomic and macroeconomic levels. (20 points) 4) What is the Coase Theorem? Define and describe. Please give a real world example of the Coase Theorem at work in our energy economics studies