Taxes and US Oil Production: Evidence from California and the Windfall Profit Tax
利用新井级生产数据和联邦石油税与价格管制带来的价格变化，评估税收如何影响石油产量，发现税收减少了国内产量，但主要来自持续开采的油井降低产量，而非关闭油井。
The recent boom in US oil production has prompted debates on levying new taxes on oil. This paper uses new well-level production data and price variation from federal oil taxes and price controls to assess how taxes affected production. After-tax price elasticity estimates range between 0.295 (0.038) and 0.371 (0.025). Response along the shut-in margin is minimal. There is no evidence of spatial shifting of production to minimize tax liabilities. Taken together, the results suggest that taxes reduced domestic production in the 1980s, and the response largely came from wells that continued to pump oil, but at a reduced rate.