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A critical concern for continued growth of the world economy is whether technological progress ca... more A critical concern for continued growth of the world economy is whether technological progress can mitigate resource depletion. This paper measures depletion effects and technological change for offshore oil production in the Gulf of Mexico using a unique field-level data set from 1947-1998. The study supports the hypothesis that technological progress has mitigated depletion effects over the study period, but the pattern differs from the conventional wisdom for non-renewable resource industries. Contrary to the usual assumptions of monotonic changes in productivity or an inverted "U" shaped pattern, we found that productivity declined for the first 30 years of our study period. But more recently, the rapid pace of technological change has outpaced depletion and productivity has increased rapidly, particularly in most recent 5 years of our study period. We also provide a more thorough understanding of different components of technological change and depletion.
Ecological Economics, 2006
We examine the impact of technological change on oil and gas exploration, development and product... more We examine the impact of technological change on oil and gas exploration, development and production in the Gulf of Mexico over the past five decades. We analyze the effect of technological change on the production frontier using a unique field-level data set covering 1947 through 1998. We then develop estimates of the growth in total factor productivity (TFP) in the industry at the regional level from 1976 to 1995. To address the unique features of this marine resource industry, we include in our models some key geological variables such as water depth and field size. In addition, the results reveal that environmental regulation had a significantly negative impact on offshore production, although such impact has been diminishing over time.
Journal of Environmental Economics and Management, 2004
A critical concern for continued growth of the world economy is whether technological progress ca... more A critical concern for continued growth of the world economy is whether technological progress can mitigate resource depletion. This paper measures depletion effects and technological change for offshore oil production in the Gulf of Mexico using a unique field-level data set from 1947-1998. The study supports the hypothesis that technological progress has mitigated depletion effects over the study period, but the pattern differs from the conventional wisdom for non-renewable resource industries. Contrary to the usual assumptions of monotonic changes in productivity or an inverted "U" shaped pattern, we found that productivity declined for the first 30 years of our study period. But more recently, the rapid pace of technological change has outpaced depletion and productivity has increased rapidly, particularly in most recent 5 years of our study period. We also provide a more thorough understanding of different components of technological change and depletion.
Energy Policy, 2005
... accounts for the significance of each technological innovation in terms of its impact on offs... more ... accounts for the significance of each technological innovation in terms of its impact on offshore ... Specifically, we examine the impact of technological change on exploration and discovery at the ... A time line for major technological advancements in the offshore industry is shown in ...
A critical concern for continued growth of the world economy is whether technological progress ca... more A critical concern for continued growth of the world economy is whether technological progress can mitigate resource depletion. This paper measures depletion effects and technological change for offshore oil production in the Gulf of Mexico using a unique field-level data set from 1947-1998. The study supports the hypothesis that technological progress has mitigated depletion effects over the study period, but the pattern differs from the conventional wisdom for non-renewable resource industries. Contrary to the usual assumptions of monotonic changes in productivity or an inverted "U" shaped pattern, we found that productivity declined for the first 30 years of our study period. But more recently, the rapid pace of technological change has outpaced depletion and productivity has increased rapidly, particularly in most recent 5 years of our study period. We also provide a more thorough understanding of different components of technological change and depletion.
Ecological Economics, 2006
We examine the impact of technological change on oil and gas exploration, development and product... more We examine the impact of technological change on oil and gas exploration, development and production in the Gulf of Mexico over the past five decades. We analyze the effect of technological change on the production frontier using a unique field-level data set covering 1947 through 1998. We then develop estimates of the growth in total factor productivity (TFP) in the industry at the regional level from 1976 to 1995. To address the unique features of this marine resource industry, we include in our models some key geological variables such as water depth and field size. In addition, the results reveal that environmental regulation had a significantly negative impact on offshore production, although such impact has been diminishing over time.
Journal of Environmental Economics and Management, 2004
A critical concern for continued growth of the world economy is whether technological progress ca... more A critical concern for continued growth of the world economy is whether technological progress can mitigate resource depletion. This paper measures depletion effects and technological change for offshore oil production in the Gulf of Mexico using a unique field-level data set from 1947-1998. The study supports the hypothesis that technological progress has mitigated depletion effects over the study period, but the pattern differs from the conventional wisdom for non-renewable resource industries. Contrary to the usual assumptions of monotonic changes in productivity or an inverted "U" shaped pattern, we found that productivity declined for the first 30 years of our study period. But more recently, the rapid pace of technological change has outpaced depletion and productivity has increased rapidly, particularly in most recent 5 years of our study period. We also provide a more thorough understanding of different components of technological change and depletion.
Energy Policy, 2005
... accounts for the significance of each technological innovation in terms of its impact on offs... more ... accounts for the significance of each technological innovation in terms of its impact on offshore ... Specifically, we examine the impact of technological change on exploration and discovery at the ... A time line for major technological advancements in the offshore industry is shown in ...