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A survey of the outlook for domestic oil and gas availability over the 15-year period between 1965 and 1980.
The National Petroleum Council (NPC) emerged out of the close cooperation between the petroleum industry and the federal government during World War II. An industry-financed advisory committee designed to work closely with the Department of the Interior, it enjoyed a remarkable independence from political or financial pressures. Including representatives of all phases of the petroleum business, the NPC could reach deep within the industry for information on vital issues. In the last fifty-plus years, the Council has evolved into a voice of the marketplace, analyzing conditions in the petroleum industry at the request of the government and publishing its findings in reports widely considered authoritative and useful. Three uniquely qualified historians here chronicle the development and contributions of the NPC to both the energy industry and the American market. While technological advances, skyrocketing world demand, the rise of OPEC, and far-reaching regulatory initiatives have fundamentally transformed the petroleum industry's structure and operating environment, the National Petroleum Council has remained a reliable source of authoritative information. Joseph A. Pratt, William H. Becker, and William McClenahan, Jr., analyze the choices and strategies that have given the Council the adaptability and resilience to survive and remain important. The authors look also at the actual reports generated by the Council--more than two hundred studies to date--and the impact they have had on both government and business. They examine the NPC's ability to tap information and personnel from all sectors of the industry and to fund from industry resources studies that would have exceeded the pockets of the federal government. They consider the way the Council has managed to encompass the varied viewpoints within a diverse, highly competitive industry, and particularly to bridge the sharp historical division between the "majors" and the "independents." Finally, the authors analyze the one political concern that has remained constant for the industry: antitrust. This engagingly written book not only sheds light on the petroleum industry and its regulatory context, but also addresses the larger questions of the U.S. government's relations with the industries it regulates.
Any discussion of the various facets of petroleum policy in the United States rests to a greater or less extent on the issue of sensitivity of petroleum exploration, and hence of new petroleum discoveries to economic incentives. Indeed, a principle argument in favour of having a special petroleum policy at all is that domestic petroleum exploration is so sensitive to economic considerations that in the absence of special incentives exploration expenditures would sharply decrease, as would the amount of petroleum discovered; consequently, the nation’s known oil resources would be reduced to an extent dangerous in the event of an international crisis. This study attempts to answer the question: how sensitive are new petroleum discoveries to economic incentives? This book will be of interest to students of environmental studies.
This book traces the history and implementation of regulation programs for state crude oil production. Originally published in 1967