An Evaluation of the GNP Deflator as a Basis for Adjusting the Allowable Price of Crude Oil,

Abstract

The price controls on crude oil, beginning in February 1976, allowed the average price to grow at the same rate as the GNP deflator. An additional increase up to 3% per year was also allowed. Furthermore, the two adjustments to price were limited to a total of 10% per year. The use of the GNP deflator to adjust the price of crude oil is evaluated to determine whether it compensates for changes in the prices of purchased items and labor used in the discovery and production of crude oil. A price index for these costs is constructed and compared with the GNP deflator for the period 1965 to 1976. (Author)

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Document Details

Document Type
Technical Report
Publication Date
Feb 01, 1977
Accession Number
ADA036146

Entities

People

  • David E. Chase
  • James M. Jondrow

Organizations

  • Center for Naval Analyses

Tags

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  • Advanced Electronics
  • Energy and Power Technologies
  • Human Systems

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  • Business Administration
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  • Commodities
  • Costs
  • Economics
  • Employment
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  • Materials
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  • Natural Gas
  • Petroleum
  • Petroleum Industry
  • Price Index
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  • United States

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