Outer Continental Shelf Lands Act Amendments of 1978

Journal Article · Mon Oct 01 04:00:00 EDT 1979 · Nat. Resour. J.; (United States)

OSTI ID:5565002

Jones, R O ^[1]; Mead, W J; Sorenson, P E

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1. Dept. of Commerce, Washington, DC

The Outer Continental Shelf Lands Act, designed to give the Federal government power to regulate mineral lease grants on the Outer Continental Shelf (OCS), was amended in 1978 to limit the Secretary of the Interior's power in response to pressure from consumer and environmental activists and from politicians and governors of the coastal states. An economic analysis of the impact these amendments will have follows an historical review of the bidding procedures for oil and gas lease sales and a description of the new bidding system. Replacing the traditional cash bonus bid with a fixed royalty with new systems is concluded to be slower and less efficient. The new systems not only increase operating costs by requiring more reporting, but increase uncertainties at the point of bidding. The cost will be passed on to the public as either lower government services or higher taxes. (DCK)

• OSTI ID: 5565002
• Journal Information: Nat. Resour. J.; (United States), Journal Name: Nat. Resour. J.; (United States) Vol. 19:4; ISSN NRJOA
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
021000 -- Petroleum-- Legislation & Regulations
03 NATURAL GAS
031000 -- Natural Gas-- Legislation & Regulations
29 ENERGY PLANNING, POLICY, AND ECONOMY
294002* -- Energy Planning & Policy-- Petroleum
294003 -- Energy Planning & Policy-- Natural Gas
BIDS
COMPETITION
CONTINENTAL MARGIN
CONTINENTAL SHELF
ECONOMIC ANALYSIS
ECONOMIC IMPACT
ECONOMICS
GRANTS
INCOME
LEASES
OFFSHORE SITES
REGULATIONS
ROYALTIES