Harvard Case - Romney vs. Obama and U.S. Energy Policy
"Romney vs. Obama and U.S. Energy Policy" Harvard business case study is written by Rawi Abdelal, Kaitlyn Tuthill. It deals with the challenges in the field of Business & Government Relations. The case study is 13 page(s) long and it was first published on : Oct 23, 2012
At Fern Fort University, we recommend a comprehensive approach to U.S. energy policy that prioritizes environmental sustainability, economic growth, and energy security through a balanced mix of government regulation, market-driven innovation, and public-private partnerships. This approach should focus on fostering renewable energy development, promoting energy efficiency, and ensuring responsible resource extraction while considering the global implications of energy policy decisions.
2. Background
This case study explores the contrasting energy policies of President Barack Obama and Governor Mitt Romney during the 2012 U.S. presidential election. The case highlights the complex interplay between politics, economics, and environmental concerns in shaping national energy policy.
The main protagonists are:
- President Barack Obama: Advocated for a more interventionist approach to energy policy, emphasizing renewable energy development, climate change mitigation, and increased fuel efficiency standards.
- Governor Mitt Romney: Favored a more market-oriented approach, emphasizing domestic energy production, deregulation, and reduced government intervention in the energy sector.
3. Analysis of the Case Study
The case study can be analyzed through the lens of Porter's Five Forces framework to understand the competitive landscape of the U.S. energy sector:
- Threat of New Entrants: High, due to the potential for new technologies and renewable energy sources.
- Bargaining Power of Buyers: Moderate, as consumers have limited choices in energy sources.
- Bargaining Power of Suppliers: Moderate, as energy suppliers have some control over pricing.
- Threat of Substitutes: Moderate, as alternative energy sources are increasingly viable.
- Rivalry among Existing Competitors: High, as traditional energy companies compete with renewable energy providers.
Key Issues:
- Environmental Sustainability: Balancing economic growth with environmental protection through responsible energy production and consumption.
- Energy Security: Reducing dependence on foreign oil and ensuring a reliable domestic energy supply.
- Economic Growth: Creating jobs and stimulating economic activity through energy-related investments and innovation.
- Global Implications: Navigating the international energy landscape and fostering cooperation on climate change mitigation.
4. Recommendations
- Promote Renewable Energy Development: Implement tax incentives, subsidies, and regulatory frameworks to encourage investment in renewable energy sources like solar, wind, and geothermal.
- Foster Energy Efficiency: Enact stricter energy efficiency standards for buildings, appliances, and vehicles, and incentivize energy-saving technologies.
- Support Responsible Resource Extraction: Develop comprehensive regulations for oil and gas extraction, including environmental protection measures and community engagement.
- Invest in Energy Infrastructure: Modernize and expand the national energy grid to accommodate renewable energy sources and improve energy reliability.
- Promote Research and Development: Fund research and development of advanced energy technologies, including energy storage and carbon capture.
- Engage in International Cooperation: Collaborate with other countries on climate change mitigation, energy technology development, and responsible resource management.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with the U.S. government's mission to promote economic growth, environmental protection, and national security.
- External Customers and Internal Clients: The recommendations benefit consumers through lower energy costs, businesses through access to clean and affordable energy, and the environment through reduced emissions.
- Competitors: The recommendations aim to create a level playing field for both traditional and renewable energy companies, fostering innovation and competition.
- Attractiveness: The recommendations are expected to yield significant economic and environmental benefits, including job creation, reduced greenhouse gas emissions, and increased energy independence.
6. Conclusion
A balanced and comprehensive approach to U.S. energy policy is crucial for addressing the complex challenges of environmental sustainability, economic growth, and energy security. By promoting renewable energy development, energy efficiency, and responsible resource extraction, the U.S. can achieve its energy goals while fostering a more sustainable future.
7. Discussion
Other alternatives include:
- Complete deregulation: This approach could lead to increased energy production but may also result in environmental damage and market manipulation.
- Nationalization of the energy sector: This approach could provide greater government control over energy resources, but could also stifle innovation and lead to inefficiencies.
Key Assumptions:
- The recommendations assume that the U.S. government has the political will and resources to implement the proposed policies.
- The recommendations also assume that technological advancements in renewable energy will continue to improve and become more cost-effective.
8. Next Steps
- Develop a comprehensive energy strategy: The government should establish a clear and consistent energy policy that outlines its objectives and priorities.
- Implement targeted incentives and regulations: The government should implement specific policies to promote renewable energy, energy efficiency, and responsible resource extraction.
- Invest in research and development: The government should continue to fund research and development of advanced energy technologies.
- Engage in international cooperation: The U.S. should work with other countries to address global energy challenges and promote sustainable energy practices.
By taking these steps, the U.S. can create a more sustainable and secure energy future while fostering economic growth and innovation.
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Case Description
In 2012, the energy sector in the United States was demanding major reform. Prices of oil and gas had continued to cripple the middle and lower class as the U.S. economy slowly recovered. At the same time, the U.S. lagged behind developed economies in production of renewable energy. The acceptance of climate change remained a partisan issue. The development of hydraulic fracturing (fracking) promised an abundance of accessible, cheap, domestically produced natural gas, but the cost to the environment remained a point of debate. As incumbent Democratic President Barack Obama faced Republican opponent Mitt Romney in the 2012 election, their (and their parties) stances on energy policy and the environment differed in several major areas. The results of the election would shape the country's energy policy for at least the next four years, and potentially create enough momentum to set energy policy of the United States for many years to come.
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