Two computable general equilibrium models, one global and the other providing U.S. regional detail, are applied to analysis of the future of U.S. natural gas. The focus is on uncertainties including the scale and cost of gas resources, the costs of competing technologies, the pattern of...

The paper is in two parts. The first is a fable starring Ripley Van Winkle, an eminent Scientist; and, the Nation’s Leader, who needs no introduction. “Rip” is disturbed about the nature and direction of current climate policy and wants to know why people are ignoring the naked truth about...