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Concentration Trends in the Gulf of Mexico Oil and Gas Industry

Open Access Article

Abstract:
In this paper, I evaluate patterns of concentration in the Gulf of Mexico oil and gas industry, one of the most important sectors for US production over the past few decades. In the 1990s, production in the Gulf was quite concentrated, and was dominated by large oil companies. But over the past decade or so this concentration has eroded, with recent levels consistent with an unconcentrated industry. These patterns apply for drilling and leasing as well, and are relevant to both shallow and deep water. The overall picture is an industry with strong competition for leases, drilling and production.

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JEL Codes: Q41: Energy: Demand and Supply; Prices, Q40: Energy: General, Q35: Hydrocarbon Resources, L71: Mining, Extraction, and Refining: Hydrocarbon Fuels, Q38: Nonrenewable Resources and Conservation: Government Policy

Keywords: Petroleum Economics, Concentration

DOI: 10.5547/01956574.36.SI1.cmas

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Published in Volume 36, Adelman Special Issue of The Quarterly Journal of the IAEE's Energy Economics Education Foundation.