The Natural Gas Market; Sixty Years of

Six decades of efforts by federal agencies to regulate the natural gas industry in the U. S. have failed, says the author of this important book. Paul MacAvoy shows that no one has gained from public control of the natural gas industry, and he argues that all participants would gain from complete deregulation. For regulated and about-to-be-regulated industries, the costly history of gas regulation is a tale to heed well.

Paul W. MacAvoy is Williams Brothers Professor of Management Studies and former dean of the School of Management, Yale University.

List of Figures

ix

List of Tables

xi

Preface

xiii

An Introduction to Regulation and the Performance of Gas Markets

1

(17)

A Model of Natural Gas Market Wellhead Prices and Quantities

18

(20)

The Regulation of Gas Field Contracts and the Resulting Gains and Losses from Market Performance

38

(38)

The Partial Deregulation of Transportation and the Creation of a Single North American Gas Market

76

(24)

The Unbundling of Local Gas Retail Markets

100

(12)

Partial Deregulation and the Future Performance of Gas Markets

112

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The Natural Gas Market; Sixty Years of Regulation and Deregulation

Summary

Author Biography

Table of Contents

Supplemental Materials