oil-economics

Tax effects upon oil field development in Venezuela Manzano, Osmel Important reforms have been made to the oil sector tax code in Venezuela. Given its diversity of oil resources, there was a concern that some resources were not being exploited because of the structure of the tax code. This paper uses traditional theoretical models to review these reforms. Then, a panel of 821 Venezuelan oil field…

Crude oil supply curves Adelman, Morris Albert Short-run cost curves shift over time as depletion counters increasing knowledge. Under competition, a rightward (leftward) shift indicates lower (higher) cost and greater (lesser) productivity. A simple coefficient captures the slope, and its changes. USA crude oil productivity rose for many years, declined after 1972. In natural gas it can only be …

OPEC at high noon 1974-1981 Adelman, Morris Albert After 1973, oil consumption stagnated worldwide. Non-OPEC output increased, mostly in Alaska, Mexico, and the North Sea, but not because of the price rise. The cartel nations had to assume the whole burden of cutting back output to maintain price. The demand for OPEC oil, the difference between total demand and non-OPEC supply, declined according…