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AN OVERVIEW OF FEDERAL REGULATION
the Effects of Price Controls
THE ECONOMIC IMPLICATIONS
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allocation allocative efficiency analysis average cost barrel of crude coefficient is significant consumption controlled crude oil cost of crude crude oil cost crude oil imports crude oil market crude oil price crude oil producers discussed domestic crude oil domestic output domestic price domestic production effects of regulation elasticity of substitution empirical entitlements benefit entitlements program entitlements subsidy EPAA EPCA estimated coefficient examined free market hence imported crude oil incremental barrel Indicates coefficient jet fuel Kalt lower tier marginal cost marginal crude oil middle distillates MOIP motor gasoline oil and refined oil price controls OPEC petroleum industry Phelps and Smith price of imported price-setter price-setting power price-taker product output product price controls reduction refined product market refined product prices refiner's refining industry regulatory residual fuel oil rule of capture small refiner bias supply curve Table tier crude oil U.S. crude oil uncontrolled world price