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Pass-through of input cost shocks under imperfect competition : evidence from the U.S. fracking boom

Author: Erich Muehlegger; Richard L Sweeney; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2017.
Series: Working paper series (National Bureau of Economic Research), no. 24025.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
The advent of hydraulic fracturing lead to a dramatic increase in US oil production. Due to regulatory, shipping and processing constraints, this sudden surge in domestic drilling caused an unprecedented divergence in crude acquisition costs across US refineries. We take advantage of this exogenous shock to input costs to study the nature of competition and the incidence of cost changes in this important industry.  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Erich Muehlegger; Richard L Sweeney; National Bureau of Economic Research,
OCLC Number: 1012491799
Notes: "November 2017."
Description: 1 online resource (29 pages) : illustrations, map
Series Title: Working paper series (National Bureau of Economic Research), no. 24025.
Responsibility: Erich Muehlegger, Richard L. Sweeney.

Abstract:

The advent of hydraulic fracturing lead to a dramatic increase in US oil production. Due to regulatory, shipping and processing constraints, this sudden surge in domestic drilling caused an unprecedented divergence in crude acquisition costs across US refineries. We take advantage of this exogenous shock to input costs to study the nature of competition and the incidence of cost changes in this important industry. We begin by estimating the extent to which US refining's divergence from global crude markets was passed on to consumers. Using rich microdata, we are able to decompose the effects of firm-specific, market-specific and industry-wide cost shocks on refined product prices. We show that this distinction has important economic and econometric significance, and discuss the implications for prospective policy which would put a price on carbon emissions. The implications of these results for perennial questions about competition in the refining industry are also discussed.

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