This research seeks to determine the extent to which the Federal Energy Regulatory Commission's policy of "Open Access" to natural gas pipelines has created competition in natural gas markets. We argue that recently developed cointegration techniques are the natural way to evaluate competition...

This research reports the results of cointegration tests between natural gas spot prices at various production fields, pipeline hubs, and city markets. Cointegration between prices is evidence that spatial arbitrage is enforcing tile law of one price across market locations. The results show...

This research tests a form of the efficient markets hypothesis in the, market for natural gas futures. Unlike other studies of futures markets, the test for market efficiency is conducted at numerous locations which comprise the, natural gas spot market in addition to the delivery location...

In this paper we examine the price effects on crude oils of removing the U.S. export ban on Alaskan North Slope crude oil in 1996. We estimate the longrun impact of removing the export ban through the use of a time series intervention analysis. The results indicate that Alaskan crude oil prices...