"A detailed historical narrative of the U.S. energy crisis in the 1970s and how policymakers responded to the turmoil"--

divOver 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. /DIV

The large scale, practical uses of natural gas were initially introduced by innovators Joseph Pew and George Westinghouse for the steel and glass industries in Pittsburgh, and local gas companies evolved from individual wells to an interstate supply network acquired by Rockefeller's Standard Oil interests. Natural gas is now a prevalent part of American markets and is filling the critical void left by a lack of new coal, oil, and nuclear power facilities. This vital American enterprise began in the Appalachian states as an accidental and underestimated by-product of the oil rush of 1859. This book explores the evolution and significance of the natural gas industry. Early chapters discuss the first natural gas discoveries in the 1800s, the ways in which entrepreneurs used the fuel, the consequent displacement of the manufactured gas industry, and the expansion of the Appalachian natural gas network-largely initiated by Standard Oil interests-into major regional markets. Later chapters discuss the growth of the Appalachian drilling industry, the first wooden and metal pipelines, the development of gas compressor engines, the pioneering of gas storage fields, and the genesis of gas marketing for lighting, heating, cooking, and industrial use. The concluding chapter describes the growth of the Appalachian natural gas industry since its major source of supply shifted from local wells in the 1950s to new discoveries of natural gas in the southwestern United States and the Gulf of Mexico. The conclusion also describes the impact of gas shortages and the government regulation that affects the industry to the present day.