Regional Impacts of Petroleum Price Regulation: The Case of Texas, 1973-1983

Clifton T. Jones and Dale S. Bremmer

The Energy Journal, 1990, vol. Volume 11, issue Number 2, 135-154

Abstract: A dynamic engineering-based econometric model of the Terns petroleum industry is used to jointly assess the impacts of federal price controls and the windfall profit tax, on both oil and gas supply, over the period 1973-1983. Comparing simulation results obtained using actual prices, and then counterfactual, uncontrolled prices, show small but persistent losses in above-ground production but considerably larger percentage impacts in drilling activity and new reserve additions. Thus, the long-run opportunity costs of post-embargo energy policy may not be fully reflected in traditional calculations that use constant supply elasticities to calculate annual supply impacts without regard to previous years' prices or production levels.

JEL-codes: F0 (search for similar items in EconPapers)
Date: 1990
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.iaee.org/en/publications/ejarticle.aspx?id=2007 (text/html)
Access to full text is restricted to IAEE members and subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aen:journl:1990v11-02-a08

Ordering information: This journal article can be ordered from
http://www.iaee.org/en/publications/ejsearch.aspx

Access Statistics for this article

More articles in The Energy Journal from International Association for Energy Economics Contact information at EDIRC.
Bibliographic data for series maintained by David Williams ().