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An Assessment of the Effects of the Windfall Profits Tax on Crude Oil Supply

Philip K. Verleger, Jr.

Year: 1980
Volume: Volume 1
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol1-No4-3
View Abstract

Abstract:
Most economic assessments of the recently enacted crude oil "windfall profits tax" (P. L. 96-223) have concluded that the tax will reduce the economic incentive to produce crude oil and will therefore have a negative impact on U.S. oil production.' This article disagrees with that view. Instead we show that the tax offers incentives to producers on existing properties that exceed those offered by a free market. Furthermore, based on estimates of these incentives, we conclude that the tax will1. See, for instance, Mead (1979) Wall Street Journal (1980), and Friedman (1980).Support from grants to the program on business and government relations at the School of Organization and Management at Yale University is gratefully acknowledged. Extraordinary assistance from Edward Erickson and Linda Scotten in improving the exposition of this paper is also gratefully acknowledged. The author assumes full responsibility for any errors.



Energy Taxes and Optimal Tax Theory

Michael J. Boskin and Marc S. Robinson

Year: 1985
Volume: Volume 6
Number: Special Issue
DOI: 10.5547/ISSN0195-6574-EJ-Vol6-NoSI-2
No Abstract



Efficiency Versus Equity in Petroleum Taxation

Dale W. Jorgenson and Daniel T. Slesnick

Year: 1985
Volume: Volume 6
Number: Special Issue
DOI: 10.5547/ISSN0195-6574-EJ-Vol6-NoSI-14
No Abstract



The Double Inefficiency of the Windfall Profits Tax on Crude Oil

Jerry Blankenship and David L. Weimer

Year: 1985
Volume: Volume 6
Number: Special Issue
DOI: 10.5547/ISSN0195-6574-EJ-Vol6-NoSI-15
No Abstract



Did the EU ETS Make a Difference? An Empirical Assessment Using Lithuanian Firm-Level Data

Jurate Jaraite-Kažukauske and Corrado Di Maria

Year: 2016
Volume: Volume 37
Number: Number 1
DOI: 10.5547/01956574.37.2.jjar
View Abstract

Abstract:
We use a panel dataset of about 5,000 Lithuanian firms between 2003 and 2010, to assess the impact of the EU ETS on the environmental and economic performance of participating firms. Using a matching methodology, we are able to estimate the causal impact of EU ETS participation on CO2 emissions, CO2 intensity, investment behaviour and profitability of participating firms. Our results show that ETS participation did not lead to a reduction in CO2 emissions, while we identify a slight improvement in CO2 intensity. ETS participants are shown to have retired part of their less efficient capital stock, and to have made modest additional investments from 2010. We also show that the EU ETS did not represent a drag on the profitability of participating firms.



Design of Renewable Support Schemes and Windfall Profits: A Monte Carlo Analysis for the Netherlands

Daan Hulshof and Machiel Mulder

Year: 2022
Volume: Volume 43
Number: Number 5
DOI: 10.5547/01956574.43.5.dhul
View Abstract

Abstract:
This paper investigates to which extent the Dutch feed-in premium scheme for on-shore wind projects has resulted in windfall profits during 2003–2018, a period in which the design of the scheme changed several times. Using Monte Carlo simulations, for 2003, 2009 and 2018, years that represent distinct scheme designs, we estimate the distributions of the required subsidy across virtually all potential on-shore wind projects, and compare them to the granted subsidies. We find that the average windfall profits of randomly drawn projects from the pool of potential investments have decreased over time, largely as a result of differentiating in the subsidy level among projects on the basis of the wind speed at the turbine's location. Despite these improvements, actual investments still experience substantial windfall profits, implying that investors successfully seek out projects that yield the highest windfall profits. Overall, the results imply that accounting for heterogeneity by differentiating in the subsidy level contributes to mitigating windfall profits.



A Quantitative Model of the Oil Tanker Market in the Arabian Gulf

Lutz Kilian, Nikos Nomikos, and Xiaoqing Zhou

Year: 2023
Volume: Volume 44
Number: Number 5
DOI: 10.5547/01956574.44.4.lkil
View Abstract

Abstract:
Using a novel dataset, we develop a structural model of the Very Large Crude Carrier (VLCC) market between the Arabian Gulf and the Far East. We study how fluctuations in oil tanker rates, oil exports, shipowner profits, and bunker fuel prices are determined by shocks to the supply and demand for oil tankers, to the utilization of tankers, and to the cost of operating tankers, including bunker fuel costs. Our analysis shows that time charter rates are largely unresponsive to tanker cost shocks. In response to higher costs, voyage profits decline, as cost shocks are only partially passed on to round-trip voyage rates. Oil exports from the Arabian Gulf also decline, reflecting lower demand for VLCCs. Positive utilization shocks are associated with higher profits, a slight increase in time charter rates and lower fuel prices and oil export volumes. Tanker supply and tanker demand shocks have persistent effects on time charter rates, round-trip voyage rates, the volume of oil exports, fuel prices, and profits with the expected sign.





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