Low wellhead ceiling prices over the past decade have led to the beginning of a shortage in natural gas production. If the demand for gas grows as expected during the 1970s, and if ceiling prices remain low as a result of restrictive regulatory policy, this shortage could grow significantly....

As in many regulated industries, jurisdiction of the commission regulating the natural gas pipelines does not encompass all transactions of the regulated companies. The Federal Power Commission does not regulate direct sales of the pipelines to industry, while it does set profit limits on sales...

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This paper takes the view that the Federal Power Commission dispenses services that have measurable economic benefits and imposes the costs of these services on both the regulated firms and the final consumers of gas and electricity. An attempt is made to define and measure benefits from...