Regulatory policy toward domestic crude oil production

Government policy toward domestic crude oil production has been justified in the past in reference to economic theory of regulation. Regulatory approaches have depended upon prevailing attitudes toward the price of crude oil. Imposition of price controls in 1971 represented a watershed in this area, although the future course of regulation remains uncertain.Mark W. Anderson, formerly a Research Associate with The Futures Group, is now studying the dynamics of land use regulation at the University of Maine. Special thanks are due to Dr. Stephen D. Reiling, Assistant Professor of Resource Economics, The University of Maine at Orono, for his insights into this topic and to two referees for their comments on an earlier draft of this paper.