The Depletion of U.K. North Sea Oil

Edward L Lynk

Scottish Journal of Political Economy, 1988, vol. 35, issue 4, 318-33

Abstract: An examination of the U.K. government's depletion and regulation policy toward North Sea oil reveals an outcome characterized by significant social opportunity costs. In fact, the system appears to contradict the long-term aims of security of supply, price stability, and tax-revenue maximization. An estimate of short-term tax-revenue losses is provided together with practical policy recommendations designed to correct for market failure and market imperfections. Copyright 1988 by Scottish Economic Society.

Date: 1988
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