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Price Effect of Domestic Oil Tax under Vertically-related Markets Structure

机译:垂直相关市场结构下国内石油税的价格效应

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Domestic oil tax influences not only consumer price, but also oil company's bid-ask spread and international oil price by vertically-related markets. We find that price effects of domestic oil tax differ significantly under different market structures. Price transmission elasticity of domestic oil tax is negative when competition between oil companies is weak, which means that world oil price drops and asking price of oil companies rises when domestic oil tax increases. On the contrary, price transmission elasticity of domestic oil tax is positive when competition between oil companies is strong. The empirical study, based on U.S., EU and Japan data, supports the above theoretical conclusions. This paper also explains the deviation between the actual and optimal oil tax rates in major oil-importing countries. Because of the opposition of energy interest group and consumers' sensitivity to oil price, the actual oil tax rate is far below its optimal value in U.S., while EU and Japan impose higher oil tax because of the support of oil companies and environmentalists. The conclusions of this paper provide some policy implications for the reform of China's oil-price deregulation and fuel tax.
机译:国内石油税不仅影响消费者价格,而且影响垂直相关市场的石油公司的买卖差价和国际石油价格。我们发现,在不同的市场结构下,国内石油税的价格效应存在显着差异。当石油公司之间的竞争较弱时,国内石油税的价格传递弹性为负,这意味着当国内石油税增加时,世界石油价格下降,石油公司的要价上升。相反,当石油公司之间的竞争激烈时,国内石油税的价格传导弹性为正。基于美国,欧盟和日本数据的实证研究支持上述理论结论。本文还解释了主要石油进口国实际税率与最优税率之间的偏差。由于能源利益集团的反对和消费者对石油价格的敏感性,实际石油税率远低于美国的最佳税率,而欧盟和日本则在石油公司和环保主义者的支持下征收更高的石油税。本文的结论为中国的油价放松管制和燃油税改革提供了一些政策含义。

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