A Model of Natural Gas Market Wellhead Prices and Quantities
A Model of Natural Gas Market Wellhead Prices and Quantities
This chapter presents the demand for natural gas production across residential, industrial, commercial, and electric utility sectors, and the prices paid by the consumers for the period between 1967 and 1995. It describes a set of equations to estimate the demand that accounts for policies of regulatory agencies, and the associated responses of producers in the field market and the consumer market. The chapter examines a supply–demand model with regulation that presents the relationship between supply of production and demand for gas as energy fuel and industrial raw material. The model generates estimates separately for demand and supply by putting actual values of variables in appropriate equations, and estimates presented stimulate actual behavior closely, with some exceptions, over the period.
Keywords: gas demand, regulatory agency, consumer, energy fuel, raw material, gas supply
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