|
|
|
|
|
| Bohi, Douglas R.. |
| This study analyzes sources of productivity change in petroleum exploration and development in the United States over the last ten years. There have been several major developments in the industry over the last decade that have led to dramatic reductions in the cost of finding and developing oil and natural gas resources. While some of the cost savings are organizational and institutional in nature, the most important changes are in the application of new technologies used to find and produce oil and gas: 3D seismology, horizontal drilling, and deepwater drilling. Not all the innovation is endogenous to the industry; some rests on outside advances (such as advances in high-speed computing that enabled 3D seismology), as well as learning-by-doing. The... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Petroleum supply; Technical change; World oil market; Resource /Energy Economics and Policy; Q31; O31. |
| Ano: 1998 |
URL: http://purl.umn.edu/10902 |
| |
|
| |
|
|
| Bohi, Douglas R.; Burtraw, Dallas. |
| The SO2 trading program has achieved reductions in emissions ahead of schedule, with allowance prices below the marginal costs that were anticipated for the program. This paper explores the experience with the program and proposes a taxonomy of reasons why allowance prices are low. The overarching reason is that the most costly investments to accommodate full emission reductions have been successfully delayed. Application of a discount rate to these long run marginal costs yields an estimate of allowance price close to that observed today. Several factors have contributed to the delay in bearing these costs, and helped to reduce their magnitude. One group of factors stems from market fundamentals, especially the cost of rail transport of low sulfur coal. A... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Environmental Economics and Policy. |
| Ano: 1997 |
URL: http://purl.umn.edu/10878 |
| |
|
|
|
