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An introduction to the economics of natural gas

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Author Info
Ferdinand E. Banks
Abstract

This paper is an up-to-date, but only moderately technical survey of the natural gas market. Supply, demand and pricing are discussed, and, in the light of the electricity deregulation experiment in California, where the expression "dangerous failure" has been repeatedly used to describe the extensive losses suffered by final consumers and utilities (or retailers), a modicum of attention is paid to the prospects for deregulating natural gas. Some microeconomics of the natural gas market is presented at a more elementary level than in my energy economics textbook (2000) or my book "The Political Economy of Natural Gas" (1987), and I make a studied attempt to avoid bringing the misleading Hotelling model (of exhaustible resource depletion) into the exposition. Finally, some comments on risk management with futures contracts are provided, and there is a brief mathematical appendix on futures, options and two-part pricing. Copyright 2003 Organization of the Petroleum Exporting Countries.

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Article provided by Organization of the Petroleum Exporting Countries in its journal OPEC Review.

Volume (Year): 27 (2003)
Issue (Month): 1 (03)
Pages: 25-63
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Handle: RePEc:bla:opecrv:v:27:y:2003:i:1:p:25-63

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  1. C. Robert Clark & Andrew Leach, 2005. "La réglementation de l’énergie au Québec," CIRANO Burgundy Reports 2005rb-04, CIRANO. [Downloadable!]
  2. C. Robert Clark & Andrew Leach, 2005. "Energy Regulation in Quebec," CIRANO Burgundy Reports 2005rb-03, CIRANO. [Downloadable!]
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This page was last updated on 2009-12-4.

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