The Emerging New Order in Natural Gas: Markets versus Regulation

Overview

Since 1984, relaxed federal guidelines have allowed the natural gas industry to become far more flexible and competitive. Once gas pipelines were given the option of open access, the barriers to markets and competition dissolved. The success of open access points to the emergence and evolution of a fluid and informationally rich network of regional markets that form today's single national market for natural gas. A broad range of specialists and academics in economics, regulatory economics and economic modeling, ...

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Overview

Since 1984, relaxed federal guidelines have allowed the natural gas industry to become far more flexible and competitive. Once gas pipelines were given the option of open access, the barriers to markets and competition dissolved. The success of open access points to the emergence and evolution of a fluid and informationally rich network of regional markets that form today's single national market for natural gas. A broad range of specialists and academics in economics, regulatory economics and economic modeling, industrial organization, and energy and natural resources will find the implications of this work important reading.

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Editorial Reviews

Booknews
Economists explain to other economists and business researchers how the natural gas industry transformed itself when regulations were lifted, as an example of how markets and competition emerge and co-evolve, and what institutions have to be built along the way. They describe the growth of spot markets, the maturation of the natural gas pipeline grid, the integration of regional markets into a network, and the convergence of prices. Annotation c. Book News, Inc., Portland, OR booknews.com
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Product Details

  • ISBN-13: 9780899309446
  • Publisher: ABC-CLIO, Incorporated
  • Publication date: 5/30/1995
  • Pages: 152
  • Product dimensions: 6.14 (w) x 9.21 (h) x 0.38 (d)

Meet the Author

ARTHUR S. DE VANY is Professor of Economics and a member of the Institute for Mathematical Behavioral Sciences at the University of California, Irvine.

W. DAVID WALLS is Assistant Professor of Economics at the School of Economics and Finance at the University of Hong Kong.

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Table of Contents

Tables and Figures
Preface
Acknowledgments
1 The Transformation of Natural Gas 3
2 Regulation versus Markets 15
3 Crisis and the Emergence of Markets 29
4 Markets and Networks 41
5 Markets in the Producing Areas 53
6 City Gates 67
7 Gas Prices and the Futures Market 83
8 Assessing Competitiveness 95
9 Policy 113
Appendix: Accessibility Matrices 125
Bibliography 129
Index 135
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