Regulation of crude oil production in the United States and lessons for Italy

Abstract

The problem of hydrocarbons, after the fortunate discoveries made in the last few years, is at present the subject of lively debate in Italy, particularly as regards the issuing of exploration and exploitation permits, the status of foreign companies, the relationship between the Government corporation (ENI - National Hydrocarbons Agency) and private companies etc. The whole complex field is now waiting to be regulated by a new Law, to supersede the obsolete Act of 1926. The present work provides an accurate outline of US legislation in its historical background and in its principal problems. From that experience the author seeks to draw certain general conclusions which may offer useful suggestions for Italy and for countries that may find themselves in a similar situation.

JEL: L50, L70