Home > 2010 Energy Conference > Session 4
EIA Conference 2010
Session 4: Short-Term Energy Prices — What Drivers Matter Most?
Moderator: Howard Gruenspecht, EIA

David M. Arseneau, Federal Reserve Board
Guy F. Caruso, Center for Strategic and International Studies
Christopher Ellsworth, Federal Energy Regulatory Commission
Edward L. Morse, Credit Suisse Securities

  Moderator and Speaker Biographies
Howard Gruenspecht, EIA

Over the past 25 years, Howard K. Gruenspecht has worked extensively on electricity policy issues, including restructuring and reliability, regulations affecting motor fuels and vehicles, energy-related environmental issues, and economy-wide energy modeling. Before joining EIA, he was a Resident Scholar at Resources for the Future. From 1993 to 2000, Dr. Gruenspecht served as Director of Economic, Electricity and Natural Gas Analysis in the Department of Energy's (DOE) Office of Policy, having originally come to DOE in 1991 as Deputy Assistant Secretary for Economic and Environmental Policy. His accomplishments as a career senior executive at DOE have been recognized with three Presidential Rank Awards.

Prior to his service at DOE, Dr. Gruenspecht was Senior Staff Economist at the Council of Economic Advisers (1989-1991), with primary responsibilities in the areas of environment, energy, regulation, and international trade. His other professional experience includes service as a faculty member at the Graduate School of Industrial Administration, Carnegie Mellon University (1981-1988), Economic Adviser to the Chairman of the U.S. International Trade Commission (1988-1989), and Assistant Director, Economics and Business, on the White House Domestic Policy Staff (1978-1979).

Dr. Gruenspecht received his B.A. from McGill University in 1975 and his Ph.D. in Economics from Yale University in 1982.

David M. Arseneau, Federal Reserve Board

David M. Arseneau is a senior economist in the Division of International Finance at the Federal Reserve Board, where he covers international energy markets.  Dr. Arseneau is also an adjunct professor at The Johns Hopkins University.  His broader research interests are in monetary economics and macroeconomics, in particular the implications of real rigidities for optimal monetary and fiscal policy prescriptions. He received his Ph.D. from the University of Virginia.

Guy F. Caruso, Center for Strategic and International Studies

Guy F. Caruso is a senior adviser in the Energy and National Security Program at the Center for Strategic and International Studies (CSIS), having served as executive director of the CSIS Strategic Energy Initiative from 1998 to 2000. Prior to rejoining CSIS he served as administrator of the U.S. Energy Information Administration (EIA) from July 2002 to September 2008.   

Before leading EIA, Mr. Caruso had acquired over 30 years of energy experience, with particular emphasis on topics relating to energy markets, policy, and security. He first joined DOE as a senior energy economist in the Office of International Affairs and soon became director of the Office of Market Analysis. Other leadership roles at DOE included director of the Office of Oil and Natural Gas Policy in the Office of Domestic and International Energy Policy and director of the Office of Energy Emergency Policy Evaluation. Prior to joining DOE, Mr. Caruso worked at the Central Intelligence Agency (CIA) as an international energy economist in the Office of Economic Research. In addition, before joining EIA, he was also director of the National Energy Strategy (NES) project for the U.S. Energy Association (USEA). During this time, Mr. Caruso spearheaded the USEA publication Toward a National Energy Strategy, released in February 2001, and a follow-up study titled National Energy Strategy Post 9/11, released in July 2002. In January 2008, he was awarded the French National Order of Merit.

Mr. Caruso has also worked at the Paris-based International Energy Agency (IEA), first as the head of the Oil Industry Division, where he was responsible for analyzing world oil supply/demand and developments in the oil industry, and later as director of the Office of Non-member Countries, where he directed studies of energy-related developments in emerging economies.

Mr. Caruso holds a B.S. in business administration and an M.S. in economics from the University of Connecticut and an M.P.A. from Harvard University.

Christopher Ellsworth, Federal Energy Regulatory Commission

Christopher Ellsworth is in the Division of Energy Markets Oversight at the Federal Energy Regulatory Commission (FERC), where he works on natural gas and LNG market issues, including daily market monitoring. Mr. Ellsworth has worked on numerous U.S. energy market studies in the government and commercial sectors and began his career as a geologist attached to the Arabian American Oil Company (ARAMCO) in Saudi Arabia. Prior to joining FERC in 2008, Mr. Ellsworth was Director of Energy Markets and Forecasting at Science Applications International Corporation (SAIC), where he was responsible for fuel market assessments and energy price forecasting. This work was used to support project feasibility studies, fuel due diligence, power market analysis, risk management, contract negotiations, expert witness testimony, and energy management. He has over 30 years of energy industry experience as an economist and exploration geologist and has provided energy market forecasts, market analysis, and due diligence support for commercial gas, LNG, and power projects in the US and overseas.

Mr. Ellsworth has an M.A. in Economics from the University of Houston and a B.S. in Geology from King’s College, London.

Edward L. Morse, Credit Suisse Securities

Edward L. Morse is Managing Director and Head of Global Commodities Research at Credit Suisse in New York and previously held similar positions at Lehman Brothers and Louis Capital Markets.  Widely cited in the media, Dr. Morse is a contributor to such journals as Foreign Affairs, Financial Times, The New York Times, and The Washington Post.  Dr.  Morse worked at the U.S. State Department and later was an advisor to the United Nations Compensation Commission on Iraq as well as to the U.S. Departments of State, Energy, and Defense and to the International Energy Agency on issues related to oil, natural gas and the impact of financial flows on prices.

A former Princeton professor and author of a numerous books and articles on energy, economics and international affairs, Dr. Morse has been published in Petroleum Intelligence Weekly and other trade periodicals and worked at Hess Energy Trading Co. (HETCO).