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The Natural Gas MarketSixty Years of Regulation and Deregulation$
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Paul MacAvoy

Print publication date: 2001

Print ISBN-13: 9780300083811

Published to Yale Scholarship Online: October 2013

DOI: 10.12987/yale/9780300083811.001.0001

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PRINTED FROM YALE SCHOLARSHIP ONLINE (www.yale.universitypressscholarship.com). (c) Copyright Yale University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in YSO for personal use.date: 13 April 2021

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

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

Chapter:
(p.38) Chapter 3 The Regulation of Gas Field Contracts and the Resulting Gains and Losses from Market Performance
Source:
The Natural Gas Market
Author(s):

Paul W. MacAvoy

Publisher:
Yale University Press
DOI:10.12987/yale/9780300083811.003.0003

This chapter chronicles the foundation of federal regulations and the emergence of the regulatory system of gas field contracts. It discusses the rationale for regulatory controls and the performance of gas field markets. The regulatory commission succeeded in regulating gas prices but created decreased reserve production; reduced production enhanced demand growth and thus created shortage. The chapter further elaborates on the process of partial deregulation that improved the market performance, reduced the gas shortage, and prevented price increases to consumers. Gas demands in the industrial and commercial sectors can be reduced by switching over to other alternative fuels. The gains and losses of producers and consumers by regulating and deregulating gas price controls are also discussed. While deregulation improved market performance by developing more gas reserves and production to eliminate a gas shortage for consumers, reduction in demand and excess supplies became a source for development of a new spot market system for direct sale.

Keywords:   regulatory controls, gas field markets, gas price, deregulation, market performance, gas reserves, spot market

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