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Government Price Policies and the Availability of Crude Oil
Angelos Pagoulatos, David Debertin and Emilio Pagoulatos
Western Journal of Agricultural Economics
Vol. 3, No. 1 (July 1978), pp. 59-73
Published by: Western Agricultural Economics Association
Stable URL: http://www.jstor.org/stable/40987443
Page Count: 15
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This study examines the effects of price incentives on the availability of petroleum. Expected sustained higher crude oil prices to domestic producers constitute an incentive to increase both exploratory drilling and secondary and tertiary recovery of oil as well as production out of reserves. Re serve-production ratios tend to fall under high prices. Equalization of the domestic price to the real world price would make the U.S. self sufficient within a six year period. Constant prices result in no new additions to reserves after a five year period and very low production levels. Imports reach sixty-five percent of domestic consumption.
Western Journal of Agricultural Economics © 1978 Western Agricultural Economics Association