The U.S. natural gas industry traditionally had producers, interstate pipelines, and distributors linked together via bilateral, long-term contracts. Recently the Federal Energy Regulatory Commission has encouraged buyers and sellers to deal directly with each other, leading first to a spot...

Various studies have examined whether market power abuses by independent electricity generators contributed to the demise of the California Power Exchange (PX). However, the behavior of wholesale power marketers has generally been overlooked. To fill this gap, our paper focuses on the pricing...

Gasoline demand, which represents almost a quarter of world petroleum consumption, has been the focus of a considerable amount of econometric work since the 1973 oil embargo. However, researchers and policymakers when considering this work are confronted with a bewildering array of elasticities...

Price and income elasticities of transport fuel demand have numerous applications. They help forecast increases in fuel consumption as countries get richer, they help develop appropriate tax policies to curtail consumption, help determine how the transport fuel mix might evolve, and show the...