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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About 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.
DAVID WALLS is Assistant Professor of Economics at the School of Economics and Finance at the University of Hong Kong.
Table of Contents
The Emergence of Markets
The Transformation of Natural Gas
Regulation versus Markets
Crisis and the Emergence of Markets
The Evolution of Markets
Markets and Networks
Markets in the Producing Areas
Gas Prices and the Futures Market
Competitive Institutions for Networks