Government Management of Oil and Gas in Alberta
AbstractThe author surveys, in considerable detail, the broad spectrum of provincial legislation and regulations relating to the exploration, development, and marketing of conventional Crown-owned oil and natural gas in Alberta. He evaluates and criticizes government management of these resources by reference to two criteria. The first such criterion is that of optimum "efficiency", which the author describes as being such allocation of labour and capital at such time as will result in the maximum possible net benefit to society. The se cond criterion is that of "equity", by which is meant distribution of benefits between government and private enterprise such that those revenues, in excess of necessary costs incurred and adequate compensation for risk-taking by private enterprise, accrue to the government. In applying these criteria, the author develops several criticisms of the excisting management system. He concludes by proposing several specific changes.
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