Cost to consumers of deregulation of crude oil. Hearing before the Subcommittee on Oversight and Investigations of the Committee on Interstate and Foreign Commerce, House of Representatives, Ninety-Sixth Congress, Second Session, July 30, 1980
Three representatives of DOE spoke at a July 30, 1980 hearing on the expected impact on consumers of accelerated crude oil deregulation, the inflationary effects of which went from $16 to $47.4 billion in one year. The witnesses testified on production responses and efforts to remedy the stripper miscertification problem. DOE Secretary Charles Duncan defended the intent of deregulation as a mechanism to promote exploration and drilling, encourage conservation, and improve US trade balances. The impacts are balanced by the windfall profits tax. The discrepancy in DOE estimates is blamed on a failure to include the marginal well rule in the calculations. The hearing transcript includes the testimony, exhibits, and other material submitted for the record. (DCK)
- OSTI ID:
- 7074806
- Resource Relation:
- Related Information: Serial No. 96-183
- Country of Publication:
- United States
- Language:
- English
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Related Subjects
POLICY AND ECONOMY
02 PETROLEUM
DEREGULATION
ECONOMIC IMPACT
PETROLEUM
CONSUMER PROTECTION
HEARINGS
INFLATION
PRICES
ENERGY SOURCES
FOSSIL FUELS
FUELS
294002* - Energy Planning & Policy- Petroleum
020700 - Petroleum- Economics
Industrial
& Business Aspects
293000 - Energy Planning & Policy- Policy
Legislation
& Regulation