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Regulating Competition in Oil - Government Intervention in the U.S. Refining Industry, 1948-1975 (Hardcover)
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Regulating Competition in Oil - Government Intervention in the U.S. Refining Industry, 1948-1975 (Hardcover)
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The full cost of the failing energy policies of the United States
can be measured by out vulnerability to the dictates of foreign
oil-producing countries. U.S. government policy has traditionally
been aligned in support of independent oil refiners against the
dominance of refining by the major oil companies, with the intent
of ensuring competition. At the same time, petroleum policies of
the last quarter-century have been justified on grounds of the need
for national energy security. Those combined national security and
antimonopoly policies have resulted in unacceptably high costs and
have only undermined the government's attempts to achieve any kind
of long-term energy goals.
Beginning with a thorough economic history and analysis of the
refining industry's growth and structure, E. Anthony Copp shows how
government import and domestic pricing policy has tended to
subsidize the less economic sizes of independent refiners while
reinforcing the market power of major refiners, thus failing to
provide adequate additions to domestic petroleum proved reserves or
to encourage more efficiency in refining capacity. The weakness of
natural gas policies (which government has consistently failed to
coordinate with national petroleum policy) and state prorationing
and other policies since 1948 has also contributed to the current
energy crisis.
A major theme of this book is that with energy resource allocation
now heavily weighted by government planning, the independents may
not gain at the expense of the major oil companies, but more likely
both groups will yield actual or potential market power to
governments, both foreign and domestic. How well government and
industry learn to alter this pattern will have great bearing on the
success of this nation in filling its energy needs and in
preventing or allaying a more severe energy crisis in the 1980's.
Examining recent and current administration efforts at regulation,
and the impact of OPEC's rise to world economic power on those
policy efforts, the author presents ideas that should be considered
in the development of a new national energy policy.
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