Paul MacAvoy
- Published in print:
- 2001
- Published Online:
- October 2013
- ISBN:
- 9780300083811
- eISBN:
- 9780300129328
- Item type:
- book
- Publisher:
- Yale University Press
- DOI:
- 10.12987/yale/9780300083811.001.0001
- Subject:
- Economics and Finance, Economic History
Over the past six decades, federal regulatory agencies have attempted different strategies to regulate the natural gas industry in the United States. All have been unsuccessful, resulting in ...
More
Over the past six decades, federal regulatory agencies have attempted different strategies to regulate the natural gas industry in the United States. All have been unsuccessful, resulting in nationwide gas shortages or massive gas surpluses, and costing the nation billions of dollars. Additionally, partial deregulation has led the regulatory agency to become more involved in controlling individual transactions among gas producers, distributors, and consumers. This book demonstrates that no affected group has gained from these experiments in public control and that all participants would gain from complete deregulation. Although losses have declined with partial deregulation in recent years, current regulatory practices still limit the growth of supply through the transmission system. This history of the regulation of natural gas is a cautionary tale for other natural resource or network industries that are regulated or are about to be regulated.Less
Over the past six decades, federal regulatory agencies have attempted different strategies to regulate the natural gas industry in the United States. All have been unsuccessful, resulting in nationwide gas shortages or massive gas surpluses, and costing the nation billions of dollars. Additionally, partial deregulation has led the regulatory agency to become more involved in controlling individual transactions among gas producers, distributors, and consumers. This book demonstrates that no affected group has gained from these experiments in public control and that all participants would gain from complete deregulation. Although losses have declined with partial deregulation in recent years, current regulatory practices still limit the growth of supply through the transmission system. This history of the regulation of natural gas is a cautionary tale for other natural resource or network industries that are regulated or are about to be regulated.
Paul Stevens
- Published in print:
- 2018
- Published Online:
- November 2018
- ISBN:
- 9780198817369
- eISBN:
- 9780191858871
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198817369.003.0004
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter is concerned with the role of oil and gas in the economic development of the global economy. It focuses on the context in which established and newer oil and gas producers in developing ...
More
This chapter is concerned with the role of oil and gas in the economic development of the global economy. It focuses on the context in which established and newer oil and gas producers in developing countries must frame their policies to optimize the benefits of such resources. It outlines a history of the issue over the last twenty-five years. It considers oil and gas as factor inputs, their role in global trade, the role of oil prices in the macroeconomy and the impact of the geopolitics of oil and gas. It then considers various conventional views of the future of oil and gas in the primary energy mix. Finally, it challenges the drivers behind these conventional views of the future with an emphasis on why they may prove to be different from what is expected and how this may change the context in which producers must frame their policy responses.Less
This chapter is concerned with the role of oil and gas in the economic development of the global economy. It focuses on the context in which established and newer oil and gas producers in developing countries must frame their policies to optimize the benefits of such resources. It outlines a history of the issue over the last twenty-five years. It considers oil and gas as factor inputs, their role in global trade, the role of oil prices in the macroeconomy and the impact of the geopolitics of oil and gas. It then considers various conventional views of the future of oil and gas in the primary energy mix. Finally, it challenges the drivers behind these conventional views of the future with an emphasis on why they may prove to be different from what is expected and how this may change the context in which producers must frame their policy responses.
