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Two oil imponderables: markets and politics

Background: US energy politics. Era of regulation: '70s ('30s for natural gas) through mid-'80sEra of deregulation: mid-'80s through 2005Reregulation now. Characteristics of the eras. Era of regulationPrice and consumption controlsShortageCategory cheatingEra of deregulationAdequate supplyL

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Two oil imponderables: markets and politics

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    1. Two oil imponderables: markets and politics Bob Tippee, Editor, Oil & Gas Journal PVF Roundtable Aug. 19, 2008

    2. Background: US energy politics Era of regulation: ’70s (’30s for natural gas) through mid-’80s Era of deregulation: mid-’80s through 2005 Reregulation now

    3. Characteristics of the eras Era of regulation Price and consumption controls Shortage Category cheating Era of deregulation Adequate supply Low prices most of the time Inattention to energy Policy tilt

    4. The policy tilt Prices decontrolled Consumption decontrolled Domestic supply limits on… Federal leasing, permitting restrictions Refinery construction

    5. The global context Demand growing worldwide, too Supply expansion reaching limits Supply jolts of 2002, 2003, 2005

    6. The reckoning

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