Looking around, as some journos do, during some research on fracking and taxation, I find this:
Oil and gas companies are price takers due to the oligopolistic nature of the
markets (Berger 1988; Lin 2014).
Which is barking. In an oligopoly suppliers have market power. That’s what we mean by saying that it’s an oligopolistic market. It’s in a competitive market that producers are price takers.
Seriously, if that’s a real assumption being made in the academic analyses of fracking no wonder the whole policy regime is entirely up the spout.
Because unconventional oil and gas are riskier to exploit than
You what? Given regulatory certainty – obvs, no certainty – there’s less risk. Sigh.