Principal external costs and benefits of marine mineral recovery
Conference
·
· Offshore Technol. Conf.; (United States)
OSTI ID:5569055
Investments in resource development by private enterprise will produce socially optimal results in only those instances where: (1) monopoly power by private enterprise and unjustified interference with the market mechanism by government are absent; and (2) external (spillover) benefits and costs are absent. Government interference in order to raise the price of oil has caused a significant divergence between private and social benefits such that over-investment in oil exploration and development has resulted in serious resource misallocation. For marine minerals requiring major technological innovations in deep- sea dredges as a prerequisite to development, the technological external benefits appear to be sufficiently large to constitute a prime facie case for a public subsidy. However, the amount of such a justified subsidy still does not appear sufficient to render deep-sea manganese recovery profitable in the foreseeable future. On the other hand, there are external costs due to marine mineral recovery. These spillover costs are particularly evident in nearshore oil recovery. (16 refs.)
- Research Organization:
- Calif Univ, Santa Barbara; Brockport State Univ Coll
- OSTI ID:
- 5569055
- Report Number(s):
- CONF-700464-
- Conference Information:
- Journal Name: Offshore Technol. Conf.; (United States) Journal Volume: 1:OTC-1178
- Country of Publication:
- United States
- Language:
- English
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02 PETROLEUM
020300* -- Petroleum-- Drilling & Production
COASTAL REGIONS
COMMERCIALIZATION
CONTINENTAL MARGIN
CONTINENTAL SHELF
COST
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DEPTH
DIMENSIONS
ENERGY POLICY
EXPLORATION
FINANCIAL INCENTIVES
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GOVERNMENT POLICIES
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INVESTMENT
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MARKET
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OPTIMIZATION
ORES
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SEA BED
SOCIO-ECONOMIC FACTORS
SUBSIDIES
020300* -- Petroleum-- Drilling & Production
COASTAL REGIONS
COMMERCIALIZATION
CONTINENTAL MARGIN
CONTINENTAL SHELF
COST
COST BENEFIT ANALYSIS
DEPTH
DIMENSIONS
ENERGY POLICY
EXPLORATION
FINANCIAL INCENTIVES
GEOLOGIC DEPOSITS
GOVERNMENT POLICIES
INSTITUTIONAL FACTORS
INVESTMENT
MANGANESE ORES
MARKET
MINERAL RESOURCES
MINERALS
OFFSHORE OPERATIONS
OPTIMIZATION
ORES
PETROLEUM DEPOSITS
PRICES
PRODUCTION
RECOVERY
RESOURCE DEVELOPMENT
RESOURCES
SEA BED
SOCIO-ECONOMIC FACTORS
SUBSIDIES