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Taxation of Oil and Gas Revenues of Four Countries

John Helliwell, Philip K. Verleger, Jr., John Mitchell, Thomas R. Stauffer, James S. Moose, John F. Helliwell

Year: 1982
Volume: Volume 3
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol3-No2-2
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Abstract:
Energy taxation is more complex and more controversial in Canada than in most or all other countries, for three main reasons. First, under the constitution, most natural resources are owned by the provinces, with important powers of regulation and taxation in the hands of the provincial and federal governments. Second, energy resources are very unevenly distributed among the provinces. Alberta, with less than 10 percent of Canada's population, accounts for 85 percent of Canada's nonfrontier onshore crude oil and natural gas. Finally, the Canadian oil and gas industry is largely foreign-owned and foreign-controlled.



British and American Tax Treatment of U.K. North Sea Oil Fields

James S. Moose

Year: 1982
Volume: Volume 3
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol3-No2-3
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Abstract:
In its quest for additional revenue, the U.K. government has made a major change in the taxation system for North Sea oil fields. A new tax, the Supplementary Petroleum Duty (SPD), has been introduced, and the terms of the Petroleum Revenue Tax (PRT) have been tightened. The new tax system was introduced in March 1981 but was effective as of January 1, 1981. The new system has been criticized on the basis that it would substantially reduce the incentives to develop smaller fields and that it tends to discriminate against U.S. oil companies. This paper examines these criticisms. It analyzes the economics for a U.K. company of developing an oil field by field size. It then shows the changes in these economics created by the new U.K. taxation system. The final section of the paper deals with the interrelationship between the U.S. and U.K. tax treatments of North Sea oil.



Energy Conservation in the United Kingdom: A Major Industrial Opportunity

Jane Carter

Year: 1984
Volume: Volume 5
Number: Number 1
DOI: 10.5547/ISSN0195-6574-EJ-Vol5-No1-10
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Abstract:
We are standing at a watershed in world development-the transition from an era of cheap and abundant energy to one where energy becomes scarcer and dearer. This paper discusses from the U.K. standpoint the opportunity that enhanced energy conservation presents to industry both to modernize and rethink its energy structures. Also,and of equal importance, is the response to the challenge of meeting the new investment demands that energy conservation presents.





The Competitive Floor to World Oil Prices

M. A. Adelman

Year: 1986
Volume: Volume 7
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol7-No4-1
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Abstract:
Years ago, I suggested that there was no current or impending oil shortage. Growing consumption, static U.S. production, and other reasons offered then and now did not imply that prices would rise. That conclusion only made sense if the pressure on reserves was increasing, a situation that would be signaled by rising costs of maintaining and expanding output. There was and is no sign of this.



Chapter 2 - Decommissioning Costs and British Nuclear Policy

Gordon MacKerron

Year: 1991
Volume: Volume 12
Number: Special Issue
DOI: 10.5547/ISSN0195-6574-EJ-Vol12-NoSI-2
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Abstract:
The topic of decommissioning economics is not an isolated activity. As Gordon MacKerron shows in this chapter, decommissioning economics are linked to other, often national considerations. The advanced age of the British reactors, plus the government's desire to privatize the entire electrical utility industry, brought decommissioning to the front of public debate unexpectedly early in Britain. As decommissioning estimates have come under closer attention, they have tended to rise from early estimates. Today, the estimated costs are much higher than in the U.S. So far, the funds for this activity are only paper provisions. It appears that one source of higher costs will be increased regulatory requirements. Titus, nonengineering factors are beginning to affect decommissioning costs, as they have other nuclear costs in Britain and elsewhere. MacKerron concludes that the final costs of decommissioning are likely to be higher than estimated originally.



Testing for Barriers to Energy Conservation -- an Application of a Vintage Model

Alan Ingham, James Maw and Alistair Ulph

Year: 1991
Volume: Volume 12
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol12-No4-3
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Abstract:
In this paper we use a sophisticated vintage model of the production structure of the U.K manufacturing sector to analyze the pattern of energy conservation over the period 1971-1987 and to test whether there is evidence of significant market imperfections which could act as barriers to energy conservation.





Developing Futures Markets for Electricity in Europe

Eirik Schroder Amundsen and Balbir Singh

Year: 1992
Volume: Volume 13
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol13-No3-5
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Abstract:
Risk sharing instruments, which allow consumers and producers to hedge their price-risk, are additional essential elements of the electricity reorganization process presently taking place in Europe. This paper involves tin analysis of the feasibility of establishing futures markets in the electricity sector in general and with special emphasis on steps undertaken in the United Kingdom and Norway. Even though there seems to be sufficient price uncertainty to warrant the development of futures markets, there remains the question of whether the underlying new spot-markets are yet sufficiently competitive and well-functioning. Monopolistic elements in electricity generation make it doubtful whether efficiency can be obtained through the intended (Bertrand) price competition in the spot-market. Additional problems may arise from the potential adverse response of dominant multi-objective public enterprises to the new futures markets.



Oil Production Outside OPEC and the Former Soviet Union: A Model Applied ot the U.S. and U.K.

John V. Mitchell

Year: 1994
Volume: Volume 15
Number: Special Issue
DOI: 10.5547/ISSN0195-6574-EJ-Vol15-NoSI-9
View Abstract

Abstract:
Oil production in the area outside OPEC and the Former Soviet Union (FSU) has grown steadily for the past 30 years. This growth is expected to continue, despite the decline in oil prices since 1985. The steady growth in production contrasts with dramatic swings in oil prices. Non-price factors such as policies, enterprise behavior, and technical phenomena are important. This article sketches a model for tracing their interaction over time. The model is tested against the very different histories of oil production in the U. S. and U. K. The main conclusion is that non-price factors are important and differ between countries: in the U.S., environmental policy, and in the U.K., tax policy have been critical in determining oil production. The model may be extended to countries dominated by state oil enterprises, which account for most of the remaining production in this area, but this would require country-by-country analysis.




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