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Market Power, International CO2 Taxation and Oil Wealth

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  • Elin Berg
  • Snorre Kverndokk
  • Knut Einar Rosendahl

Abstract

We present an intertemporal equilibrium model for fossil fuels, and study the effects on oil prices, extraction paths and oil wealth of an international carbon tax on fossil fuel consumption Our conclusion is that a carbon tax will hurt OPEC more than other producers, as the cartel is induced by its market power to restrain production in order to maintain the oil price. Thus, the effects on the oil wealth of the competitive fringe are minor, while OPECs wealth is considerably reduced. We also show by applying a competitive model that this result is due to market structure, and not to differences in the resource base.

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Bibliographic Info

Article provided by International Association for Energy Economics in its journal The Energy Journal.

Volume (Year): Volume18 (1997)
Issue (Month): Number 4 ()
Pages: 33-71

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Handle: RePEc:aen:journl:1997v18-04-a02

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Cited by:
  1. Strand, Jon, 2011. "Strategic climate policy with offsets and incomplete abatement : carbon taxes versus cap-and-trade," Policy Research Working Paper Series 5675, The World Bank.
  2. Steffen Kallbekken & Jon Hovi, 2007. "The price of non-compliance with the Kyoto Protocol: The remarkable case of Norway," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 7(1), pages 1-15, March.
  3. Jon Strand, 2010. "Taxes versus Cap-and-Trade in Climate Policy when only some Fuel Importers Abate," CESifo Working Paper Series 3233, CESifo Group Munich.
  4. Wie, Jiegen & Wennlock, Magnus & Johansson, Daniel J.A. & Sterner, Thomas, 2011. "The Fossil Endgame: Strategic Oil Price Discrimination and Carbon Taxation," Discussion Papers dp-11-26, Resources For the Future.
  5. Gjerde, Jon & Grepperud, Sverre & Kverndokk, Snorre, 1999. "Optimal climate policy under the possibility of a catastrophe," Resource and Energy Economics, Elsevier, vol. 21(3-4), pages 289-317, August.
  6. Lars Lindholt, 1999. "Beyond Kyoto: CO2 permit prices and the markets for fossil fuels," Discussion Papers 258, Research Department of Statistics Norway.

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