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OCS Leasing Policy: Its Effects on the Structure of the Petroleum Industry

The disposition of offshore lands is one of the decade's most im-portant and controversial natural resource policy issues. Several disputes focus on the economic effects of federal Outer Continental Shelf (OCS) leasing policy. This paper addresses one of these disputes-how will OCSleasing policy affect the structure of the petroleum industry?This paper presents and summarizes an econometric model that evaluates the competitive implications of alternative OCS leasing policies.Specifically, it seeks to explain the differential bidding success of the major, minor, and independent oil companies.1 The following determinantsof OCS access were evaluated.

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Energy Specializations: Petroleum – Exploration and Production; Petroleum – Policy and Regulation

JEL Codes: D44: Auctions, Q24: Renewable Resources and Conservation: Land, C70: Game Theory and Bargaining Theory: General, C72: Noncooperative Games, Q20: Renewable Resources and Conservation: General, Q41: Energy: Demand and Supply; Prices, Q42: Alternative Energy Sources, Q35: Hydrocarbon Resources

Keywords: Oil companies, US Outer continental shelf, Oil exploration and development. Leasing policy

DOI: 10.5547/ISSN0195-6574-EJ-Vol6-No1-8

Published in Volume 6, Number 1 of the bi-monthly journal of the IAEE's Energy Economics Education Foundation.


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