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The history of natural gas wellhead and pipeline regulation, deregulation and regulatory reforms are discussed. These reforms brought natural gas shortages and pipeline inefficiencies to an end. They also created an economic platform that could support unanticipated developments in the supply and costs of domestic natural gas. Such unanticipated developments emerged in the last few years as several technological innovations came together to make it commercially attractive to development US shale gas deposits located deep in the earth. How and why shale gas supplies will lead to dramatic changes in the United States' energy future with appropriate environmental regulatory reforms are discussed.
Paul L. Joskow (Wed,) studied this question.