Publisher's Synopsis
Excerpt from Feasible Alternatives for a National Oil Policy
Administrative regulation on the other hand may bring about fast results, and in the case of national policy may be aimed toward equity, although the universality of the particular notion of equity may be a matter of dispute.
In the process, however, administrative regulation will, more often than not, destroy the efficiency of the markets1 unless such action can effectively change the forces which shape the market supply and demand schedules.2 Since my topic is addressing national policy I will, unless otherwise qualify, refer to government regulation whenever the latter term is used from here on, although the arguments may be equally applicable to Other forms of regulation.
In the case of oil we have seen governments impose taxes, restrict imports and institute multiple pricing schemes, in order to achieve some stated objective such as reduction in consumption, conservation of foreign exchange, equitable distribution of the burden imposed by the sudden and enormous price increases of oil after the events of 1973, or increase production. The results have been for the most part disappointing because the emphasis was predominantly on administrative regulation than on the underlying market forces. Instead of increasing the number of effective consumer options available, central regula tion for the most part reduced them.
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