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The Costs of Disruption under a Free Market
The Impact of Petroleum Market Regulations 19731981
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aggregate demand aggregate supply American Enterprise Institute American Petroleum Institute average barrels per day benefits buyers claim to GNP component consumers consumption controls and allocations costs crude oil crude oil prices demand schedule distribution dollars per barrel domestic oil drawdown economic effect efficiency elasticity energy prices entitlements equal estimates expenditures federal figure final product firms foreign claim fuel funds gasoline Horwich impact income International Energy Agency loss mandatory allocations marginal market price market-clearing million barrels monetary nonpetroleum offset oil companies oil imports oil market oil price drag oil supply disruption options output percent petroleum products price ceilings price controls price increases price of oil price shocks product prices purchases quantity real GNP reduce regulations response result revenues shadow prices small refiners social surplus sources spot prices SPR oil stockpiling stocks Strategic Petroleum Reserve tariff tion transfer world price