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Three decades ago, federal policymakers-Republicans and Democrats-embarked on a general strategy of deregulation. In the electricity, gas delivery, and telecommunications industries, the strategy called for restructuring to separate production from transmission and distribution, followed by elimination of price controls. The expected results were lower prices and increased quality, reliability, and scope of services. Paul W. MacAvoy, an economist with forty years of experience in the regulatory field, here assesses the results and concludes that deregulation has failed to achieve any of these goals in any of these industries. MacAvoy shows that we now have only partial deregulation, a mixture of oligopoly structure with direct price control. He explores why this system leads to volatile and high prices, reduced investment, and low profitability, and what policy actions can be implemented to address these problems.
Public utilities --- Industry. --- Industrial Management --- Management --- Business & Economics --- Deregulation --- Municipal franchises. --- Franchises, Municipal --- Municipal utilities --- Public-service corporations (Public utilities) --- Utilities, Public --- Utility companies --- Corporations --- Concessions --- Municipal franchises --- E-books
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Over the past six decades federal regulatory agencies have attempted different strategies to regulate the natural gas industry in the United States. All have been unsuccessful, resulting in nationwide gas shortages or massive gas surpluses and costing the nation scores of billions of dollars. In addition, partial deregulation has led the regulatory agency to become more involved in controlling individual transactions among gas producers, distributors, and consumers. In this important book, Paul MacAvoy demonstrates that no affected group has gained from these experiments in public control and that all participants would gain from complete deregulation. Although losses have declined with partial deregulation in recent years, current regulatory practices still limit the growth of supply through the transmission system. MacAvoy's history of the regulation of natural gas is a cautionary tale for other natural resource or network industries that are regulated or are about to be regulated.
AA / International- internationaal --- 385.23 --- 338.732 --- Andere vervoermiddelen over land: pijpleidingen vervoer van olie, gas, elektriciteit, water. --- Gas. --- Law - U.S. - General --- Natural gas --- Deregulation --- Industries --- Regulatory reform --- Industrial policy --- Trade regulation --- Gas, Natural --- Sour gas --- Gases, Asphyxiating and poisonous --- Hydrocarbons --- Law and legislation --- History. --- History --- Law and legislation&delete& --- Gas --- Andere vervoermiddelen over land: pijpleidingen; vervoer van olie, gas, elektriciteit, water --- Natural gas -- Law and legislation -- United States -- History.. --- Deregulation -- United States -- History.
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This book offers the first set of quantitative analyses of the results of deregulation of the gas wellhead process coupled with partial deregulation of pipeline transportation and product storage. This complex process - which involves taking pipelines out of the field markets as product purchasers, and creating spot gas and pipeline space markets - has changed the nature and extent of services for gas at the burner tip, and the level as well as volatility of prices for these services. Using econometric tools of analysis, the authors concentrating on these changes uncover surprising findings
Gas industry --- Natural gas --- Deregulation --- Capital productivity --- Prices
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