Teaching Energy Economics in the GCC: A Synergistic Approach between Engineering and Economics

Abstract

Issues related to safe and abundant energy production have been prominent in recent years. This is particularly true when society considers how to increase the quality of life by providing low-cost energy to citizens. A significant concern of the Gulf Cooperation Council (GCC) relates to the environmental effects of energy production and energy use associated with climate change. Efforts to reduce fossil fuel use and increase the use of renewable energy, together with the price volatility of fossil fuels, have seriously impacted the economics of many oil-producing countries, particularly the Gulf States, which has led to efforts to make their economies more diverse and less dependent on oil production. In this article, we introduce a multidisciplinary energy economics course developed at the Missouri University of Science and Technology that can be easily adopted by GCC universities to enhance future generations’ understanding of energy challenges.

Keywords

• energy policy
• energy economics
• renewable energy
• fossil energy
• nuclear energy
• hybrid energy