The Leasing of Federal Lands for Fossil Fuels Production

By Stephen L. McDonald | Go to book overview

List of Figures
3-1. The rent of land28
3-2. Competing uses of land29
3-3. Land quality and rent30
3-4. The plant and economic rent33
3-5. The plant and declining rent34
3-6. Falling rent with depletion35
3-7. Royalty and lease bonus in rent37
3-8. Uncertainty and rent40
3-9. Few prospective lessees and rent42
4-1. Additional capacity and marginal costs52
4-2. Present value and rate of production57
4-3. Optimum number of wells and rate of output58
4-4. An anticlinal trap with oil and gas60
4-5. Effect of internalizing externalities68
5-1. Accelerated leasing and the price of oil86
5-2. An accelerated leasing schedule88
7-1. Determination of the Maximum Efficient Rate (MER)129
8-1. Economics of environmental controls167

-ix-

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