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Understanding the Costs and Benefits of Deepwater Oil Drilling Regulation


Alan Krupnick


Resources for the Future

Sarah E. Campbell


Resources for the Future

Mark A. Cohen


Vanderbilt University - Owen Graduate School of Management; Vanderbilt University - Law School; Resources for the Future

Ian W. H. Parry


Resources for the Future

January 12, 2011

Resources for the Future Discussion Paper No. 10-62

Abstract:     
The purpose of this paper is to provide a conceptual framework for understanding how analysis of costs and benefits might be incorporated into an assessment of regulatory policies affecting deepwater drilling. We begin by providing a framework for analyzing the life-cycle impacts of oil drilling and its alternatives, including onshore drilling and importing oil from abroad. We then provide background estimates of the different sources of oil supplied in the United States, look at how other oil supply sources might respond to regulations on deepwater drilling, and consider the economic costs of these regulations. After providing a comprehensive description of the potential costs and benefits from various types of drilling - including, when possible, estimates of the magnitude of these benefits and costs - we discuss the extent to which these costs and benefits may already be taken into account (or reinforced) through the legal, regulatory, and tax systems and through market mechanisms. We conclude by presenting a framework and simple example of how a cost-benefit analysis might be used to inform regulation of deepwater drilling, and sum up the policy implications of our work.

Number of Pages in PDF File: 64

Keywords: Catastrophic Oil Spill, Cost–Benefit Analysis, Government Regulation, Liability

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Date posted: January 27, 2011  

Suggested Citation

Krupnick, Alan and Campbell, Sarah E. and Cohen, Mark A. and Parry, Ian W. H., Understanding the Costs and Benefits of Deepwater Oil Drilling Regulation (January 12, 2011). Resources for the Future Discussion Paper No. 10-62. Available at SSRN: http://ssrn.com/abstract=1744203 or http://dx.doi.org/10.2139/ssrn.1744203

Contact Information

Alan Krupnick (Contact Author)
Resources for the Future ( email )
1616 P Street, NW
Washington, DC 20036
United States
Sarah E. Campbell
Resources for the Future ( email )
1616 P Street, NW
Washington, DC 20036
United States
Mark A. Cohen
Vanderbilt University - Owen Graduate School of Management ( email )
401 21st Avenue South
Nashville, TN 37203
United States
615-322-0533 (Phone)
HOME PAGE: http://www.mba.vanderbilt.edu/faculty/mcohen.cfm
Vanderbilt University - Law School
131 21st Avenue South
Nashville, TN 37203-1181
United States
Resources for the Future ( email )
1616 P Street, NW
Washington, DC 20036
United States
202-328-5000 (Phone)
Ian W. H. Parry
Resources for the Future ( email )
1616 P Street, NW
Washington, DC 20036
United States
202-328-5151 (Phone)
202-939-3460 (Fax)
HOME PAGE: http://www.rff.org/~parry
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