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Energy Journal Issue

The Energy Journal
Volume 3, Number 4

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I. Conceptual Framework - The Gordian Knot of Natural Gas Prices

Henry D. Jacoby and Arthur W. Wright

DOI: 10.5547/ISSN0195-6574-EJ-Vol3-No4-1
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Federal policy toward natural gas prices is once again the subject of national debate. Thought to be settled once and for all by the Natural Gas Policy Act of 1978 (NGPA), it reemerged as an issue in 1981. The proximate causes of the renewed controversy included candidate Ronald Reagan's campaign promise to seek wellhead price decontrol, and the Reagan administration's attempts (until March 1982) to find a workable decontrol proposal. But the wellsprings of the problem go deeper than this, to the history of gas price regulation, to changes in energy markets since 1978, and to serious defects in the NGPA itself.

II. Problems with the NGPA - The Need to Modify the Natural Gas Policy Act

Catherine Good Abbott

DOI: 10.5547/ISSN0195-6574-EJ-Vol3-No4-2
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The current debate over the Natural Gas Policy Act of 1978 (NGPA) has three components: 1. Is the NGPA likely to achieve the goals Congress established for it in 1978? 2. Is the NGPA likely to lead to an extension of controls beyond 1985? If so, what are the consequences of such an extension? 3. What are the costs and benefits of alternatives to the NGPA?

III. How Industry Sees the Future - The Tenneco Perspective

Joe B. Foster

DOI: 10.5547/ISSN0195-6574-EJ-Vol3-No4-3
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A brief comment about the title given to this presentation. If you know the gas industry at all, you know that no one dares to speak for anyone else. Even within Tenneco, we look at natural gas deregulation from several points of view: Tenneco Oil is the country's fifteenth largest producer of natural gas, and it is the only one of the top 20 oil companies that derives more revenue from sales of natural gas than from crude oil.

IV. The Economics of Gas Supply, The Effects of Decontrol Policy Options

Steven E. Muzzo

DOI: 10.5547/ISSN0195-6574-EJ-Vol3-No4-4
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Over the past nine or so years, the United States has focused a large portion of its national attention on energy concerns. Indeed, the world economy is in the midst of an economic revolution over the value of one of its most important inputs. A new economic reality-that once cheap energy sources that fuel the world economy are becoming more and more expensive-has forced much of the world, and especially the United States, to reevaluate its policies on energy sources and uses.

V. Policy Trends: The Future Is Now - The Decline and Fall of Regulation in the Natural Gas Industry

Arlon R. Tussing and Connie C. Barlow

DOI: 10.5547/ISSN0195-6574-EJ-Vol3-No4-5
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A theme that runs through the long, convoluted history of natural gas regulation is the seemingly inexorable expansion of government intervention. Regulation has spawned further regulation; soon after one regulatory gap was filled, another appeared. Municipal franchising and price regulation of gas distributors led to state oversight of intrastate gas transmission, which prompted federal regulation of interstate transmission, followed by control of interstate affiliated field prices and later interstate independent field prices. Finally, the Natural Gas Policy Act of 1978 (NGPA) extended federal jurisdiction to all intrastate field sales.