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The Organization of the Oil Industry, Past and Present

Author

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  • Mason, Charles F.

Abstract

For several decades, petroleum has been a commodity of vital importance to the global economy, in which a number of interesting market phenomena has occurred. This monograph represents my efforts to describe several of these phenomenon, along with a few other elements of the oil market. My focus is on elements related to the extraction of petroleum, and the interactions between buyers and sellers of crude oil; issues that are essentially linked to the Industrial Organization of crude oil markets The topics I cover are: the production of crude oil, material that provides a foundation for later material; an example of the behavior employed by John D. Rockefeller in his quest for control of the early petroleum refining industry; the excessive extraction phenomenon observed in the early days of the industry, which was obtained because of the "common property" nature of oil production; the historical battle between the major oil companies (who were collectively dubbed the "Seven Sisters" and Organization of Petroleum Exporting Countries, or [OPEC]); a theoretical discussion of cartel formation, which forms the backdrop for an investigation of OPEC; an empirical model of membership in OPEC; and a handful of key recent events, which offer some insights into the future of the oil industry.

Suggested Citation

  • Mason, Charles F., 2014. "The Organization of the Oil Industry, Past and Present," Foundations and Trends(R) in Microeconomics, now publishers, vol. 10(1), pages 1-83, June.
  • Handle: RePEc:now:fntmic:0700000051
    DOI: 10.1561/0700000051
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    Cited by:

    1. Charles F. Mason, 2016. "Concentration Trends in the Gulf of Mexico Oil and Gas Industry," The Energy Journal, International Association for Energy Economics, vol. 0(Adelman S).

    More about this item

    Keywords

    Petroleum; OPEC; Oil industry;
    All these keywords.

    JEL classification:

    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
    • L71 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Hydrocarbon Fuels
    • Q31 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Demand and Supply; Prices
    • Q35 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Hydrocarbon Resources
    • Q38 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Government Policy (includes OPEC Policy)

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