Replication data for: Taxes and US Oil Production: Evidence from California and the Windfall Profit Tax
Principal Investigator(s): View help for Principal Investigator(s) Nirupama L. Rao
Version: View help for Version V1
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Project Citation:
Rao, Nirupama L. Replication data for: Taxes and US Oil Production: Evidence from California and the Windfall Profit Tax. Nashville, TN: American Economic Association [publisher], 2018. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-13. https://doi.org/10.3886/E114627V1
Project Description
Summary:
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The recent boom in U.S. oil production has prompted debates on levying new taxes on oil. This paper uses new well-level production data and price variation from federal oil taxes and price controls to assess how taxes affected production. After-tax price elasticity estimates range between 0.295 (0.038) and 0.371 (0.025). Response along the shut-in margin is minimal. There is no evidence of spatial shifting of production to minimize tax liabilities. Taken together the results suggest that taxes reduced domestic production in the 1980s, and the response largely came from wells that continued to pump oil, but at a reduced rate.
Scope of Project
JEL Classification:
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H25 Business Taxes and Subsidies including sales and value-added (VAT)
H32 Fiscal Policies and Behavior of Economic Agents: Firm
L71 Mining, Extraction, and Refining: Hydrocarbon Fuels
L78 Industry Studies: Primary Products and Construction: Government Policy
Q35 Hydrocarbon Resources
Q38 Nonrenewable Resources and Conservation: Government Policy
H25 Business Taxes and Subsidies including sales and value-added (VAT)
H32 Fiscal Policies and Behavior of Economic Agents: Firm
L71 Mining, Extraction, and Refining: Hydrocarbon Fuels
L78 Industry Studies: Primary Products and Construction: Government Policy
Q35 Hydrocarbon Resources
Q38 Nonrenewable Resources and Conservation: Government Policy
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