Regulating Competition in Oil: Government Intervention in the U.S. Refining Industry, 1948-1975

The U.S. is in the midst of an opioid crisis. This crisis is partially responsible for declining life expectancy. The rising mortality in young people 25-44 is partially responsible and is being attributed to opioids. In this article, the formation of black markets in response to government regulation will be examined. We will also examine how the black market changes in character with subsidies. The subsidies available for Medicaid patients can be close to 100%. The subsidy makes it profitable for Medicaid patients to be recruited as a source of supply of opioids. The economics of opioids and their black markets will be explained on the basis of supply and demand. The conclusion is that the type of illicit behavior occurring in the U.S. was both rational and predictable based on the regulation of narcotics, monopoly pricing of certain opioids, and the availability of government subsidies to obtain these opioids.

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Projections of the impact of expansion of domestic heavy oil production on the U.S. refining industry from 1990 to 2010. Topical report

10.2172/10103729 ◽

1994 ◽

Author(s):

D.K. Olsen ◽

E.B. Ramzel ◽

A.R. Strycker ◽

G. Guariguata ◽

F.G. Salmen

Keyword(s):

Heavy Oil ◽

Oil Production ◽

Refining Industry ◽

The Impact ◽

The U.S

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Estimates Of Government Intervention Levels In U.S. Peanut Markets

Journal of Agricultural and Applied Economics ◽

10.1017/s0081305200026078 ◽

1992 ◽

Vol 24 (1) ◽

pp. 153-162 ◽

Cited By ~ 2

Author(s):

Bill R. Miller ◽

Carl Mabbs-Zeno

Keyword(s):

Market Orientation ◽

Government Intervention ◽

Supply And Demand ◽

Government Expenditures ◽

Farm Income ◽

Current Policy ◽

Farm Level ◽

The U.S

AbstractUnilateral liberalization of U.S. peanut policy was evaluated using a model of U.S. and world peanut supply and demand. Under the proposed policy, world peanut price would rise slightly to $.20 per pound at the U.S. farm level. U.S. production would decline by 578 million pounds per year and would be offset by imports of 582 million pounds. U.S. net farm income would fall by $405 million per year. Lost income per farm would be $21,000 per year while the average outlay of consumers would decrease by $.84 per person at farm level price. Government expenditures would be virtually unchanged because of the market orientation of current policy.

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An Economic Analysis of the U.S. Generic Dairy Advertising Program Using an Industry Model

Northeastern Journal of Agricultural and Resource Economics ◽

10.1017/s0899367x00000167 ◽

1990 ◽

Vol 19 (1) ◽

pp. 37-48 ◽

Cited By ~ 18

Author(s):

Donald J. Liu ◽

Harry M. Kaiser ◽

Olan D. Forker ◽

Timothy D. Mount

Keyword(s):

Economic Analysis ◽

Government Intervention ◽

Supply And Demand ◽

Dairy Industry ◽

Support Program ◽

Price Support ◽

Market Impacts ◽

The U.S ◽

The Way

The market impacts of generic dairy advertising are assessed using an industry model which encompasses supply and demand conditions at the retail, wholesale, and farm levels, and government intervention under the dairy price support program. The estimated model is used to simulate price and quantity values for four advertising scenarios: (1) no advertising, (2) historical fluid advertising, (3) historical manufactured advertising, and (4) historical fluid and manufactured advertising. Compared to previous studies, the dairy-industry model provides additional insights into the way generic dairy advertising influences prices and quantities at the retail, wholesale, and farm levels.

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