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Information and Bidding Behavior by Major Oil Companies for Outer Continental Shelf Leases: Is the joint Bidding Ban Justified?

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  • Steven W. Millsaps
  • Mack Ott

Abstract

The Energy Policy and Conservation Act (PL 94-163), signed into law in December 1975, forbade oil companies that produced the equivalent of 1.6 million barrels of oil per day (mbd) worldwide from bidding jointly for outer continental shelf (OCS) leases. The U.S. Department of the Interior adopted regulations to that effect. The Outer Continental Shelf Lands Act Amendment of 1978 (PL 95-372) modified the 1975 law. This amendment gives the Secretary of the Interior the power to conduct periodic reviews of production rates by petroleum producers and to ban from joint bidding any person or firm that produced, during a prior six-month period specified by the secretary, an average of 1.6 mbd.

Suggested Citation

  • Steven W. Millsaps & Mack Ott, 1981. "Information and Bidding Behavior by Major Oil Companies for Outer Continental Shelf Leases: Is the joint Bidding Ban Justified?," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 71-90.
    • Handle: RePEc:aen:journl:1981v02-03-a06
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    Cited by:

    1. Iledare, Omowumi O. & Pulsipher, Allan G., 2007. "Joint bidding restriction policy for selective E&P firms in the US Gulf of Mexico OCS: How persuasive is its effectiveness?," Energy Policy, Elsevier, vol. 35(6), pages 3126-3133, June.
    2. Iledare, Omowumi O. & Pulsipher, Allan G. & Olatubi, Williams O. & Mesyanzhinov, Dmitry V., 2004. "An empirical analysis of the determinants of high bonus bids for petroleum leases in the U.S. Outer Continental Shelf (OCS)," Energy Economics, Elsevier, vol. 26(2), pages 239-259, March.

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    JEL classification:

    • F0 - International Economics - - General

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