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- W3124805322 abstract "This article examines the evolution of property rights for oil and gas in the United States in the pre-OPEC period, 1859–1972. Private property rights to subsurface mineral rights created a number of problems in the United States, not faced in countries where the state retained ownership of subsurface rights. First, since oil and gas migrate freely beneath property lines, the courts determined with the ‘rule of capture’ that it was impossible to ascertain to whom the oil belonged until it was brought to the surface. The rule of capture led to overcapacity in wells drilled, storage, and production. Thus, producers experienced high costs, rapidly depleted fields, and low output prices. Second, integrated refining/pipeline firms possessed monopsony power over producers. Thus, the low producer prices had two causes, one external and one internal. These two problems were interrelated, however, and attempts at regulation of one led to consequences for the other. This article discusses both private and state solutions to these problems, including attempts at consolidating ownership, voluntary and state output restrictions by prorationing, voluntary and compulsory unitization, common carrier legislation, minimum well-spacing requirements, minimum oil/gas and oil/water ratios, and no flaring and venting rules for natural gas." @default.
- W3124805322 created "2021-02-01" @default.
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- W3124805322 date "2011-08-17" @default.
- W3124805322 modified "2023-09-27" @default.
- W3124805322 title "Externality Regulation in Oil and Gas" @default.
- W3124805322 hasPublicationYear "2011" @default.
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