Chapter

<span class="smallCaps">introduction</span>: Structuring the Oil Market

Paul Sabin

in Crude Politics

Published by University of California Press

Published in print December 2004 | ISBN: 9780520241985
Published online March 2012 | e-ISBN: 9780520931145 | DOI: http://dx.doi.org/10.1525/california/9780520241985.003.0001
introduction: Structuring the Oil Market

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California provides a case history for the impact of oil on individual states and a microcosm of its penetration in the United States as a whole. In studying the volatile politics of the oil economy, this book carries forward into the current century the research of historians who wrote about nineteenth-century economic development, federalism, and infrastructure. It follows James Willard Hurst's long-overgrown trail into the thicket of public land policy, business regulation, transportation development, and public finance. It also explores how the California oil market changed over time in response to the interplay of political, legal, and economic developments. The chapter addresses specifically property rights, federalism, regulatory rules, and tax policies and investment. These show the extensive and ongoing role the government played in the oil economy. The chapter then investigates the political dimensions of environmental change. The utility of oil contributed enormously to its rapid adoption and consumption.

Keywords: oil economy; oil market; California; volatile politics; property rights; federalism; regulatory rules; tax policies; investment; environmental change

Chapter.  4148 words. 

Subjects: History of the Americas

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