The marginal cost of extracting light crude oil in Australia and the analysis of specific policy issues

Dodo J. Thampapillai; Rudi Kolednik

doi:10.1002/er.4440140402

The marginal cost of extracting light crude oil in Australia and the analysis of specific policy issues

Dodo J. Thampapillai^*, Rudi Kolednik

^*Corresponding author for this work

Research output: Contribution to journal › Article › peer-review

Abstract

The paper illustrates a method to derive the long run marginal cost (LMRC) of extracting light crude oil in Australia. This LMRC function is then used in the evaluation of domestic crude oil production operations in the context of changing world oil prices. The criterion for evaluation is economic rent. This criterion is applied in terms of two social objectives, namely economic efficiency and import reduction.

Original language	English
Pages (from-to)	377-387
Number of pages	11
Journal	International Journal of Energy Research
Volume	14
Issue number	4
DOIs	https://doi.org/10.1002/er.4440140402
Publication status	Published - 1990
Externally published	Yes

Keywords

Crude oil
Economic efficiency
Economic rent
Import reduction
Marginal extraction cost

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abstract = "The paper illustrates a method to derive the long run marginal cost (LMRC) of extracting light crude oil in Australia. This LMRC function is then used in the evaluation of domestic crude oil production operations in the context of changing world oil prices. The criterion for evaluation is economic rent. This criterion is applied in terms of two social objectives, namely economic efficiency and import reduction.",

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AB - The paper illustrates a method to derive the long run marginal cost (LMRC) of extracting light crude oil in Australia. This LMRC function is then used in the evaluation of domestic crude oil production operations in the context of changing world oil prices. The criterion for evaluation is economic rent. This criterion is applied in terms of two social objectives, namely economic efficiency and import reduction.

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KW - Economic efficiency

KW - Economic rent

KW - Import reduction

KW - Marginal extraction cost

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JF - International Journal of Energy Research

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The marginal cost of extracting light crude oil in Australia and the analysis of specific policy issues

Abstract

Keywords

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