Crude oil controls seen as source of California glut

Journal Article · Mon Oct 02 04:00:00 EDT 1978 · Energy User News; (United States)

OSTI ID:6869725

O'Brien, J J

The Independent Petroleum Association of America (IPAA) views the California crude oil crisis as a consequence of the government's inability to regulate crude oil without seriously distorting the market. The Economic Regulatory Administration's entitlements programs is seen as an unsuccessful attempt to correct the distortions, which could have been avoided if a free market were allowed to operate. IPAA recommends that corrective actions be retroactive to the first entitlements and proposes that solutions be geared to returning California crude to a competitive position, with free access to markets. A long-term program of easing restrictions is necessary before producers and refiners can confidently make the necessary investments. The IPAA recommends that price controls be removed and that new production incentives be established in the categories of new discoveries, excess production from existing fields, and marginal property. It recommends several changes to the entitlements program to make it equitable nationally and responsive to the marketplace.

• OSTI ID: 6869725
• Journal Information: Energy User News; (United States), Journal Name: Energy User News; (United States) Vol. 3:40; ISSN EUSND
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700 -- Petroleum-- Economics
Industrial
& Business Aspects
021000 -- Petroleum-- Legislation & Regulations
29 ENERGY PLANNING, POLICY, AND ECONOMY
294002* -- Energy Planning & Policy-- Petroleum
ALLOCATIONS
CALIFORNIA
CHARGES
COMPETITION
DEREGULATION
ECONOMIC IMPACT
ENERGY POLICY
ENERGY SOURCES
ENTITLEMENTS PROGRAM
EXPLORATION
FINANCIAL INCENTIVES
FOSSIL FUELS
FUELS
GEOLOGIC DEPOSITS
GOVERNMENT POLICIES
INDUSTRY
MARKET
NORTH AMERICA
OIL FIELDS
PETROLEUM
PETROLEUM DEPOSITS
PETROLEUM INDUSTRY
PETROLEUM PRODUCTS
PRODUCTION
RECOMMENDATIONS
REGULATIONS
RESOURCES
USA
WESTERN REGION