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Working Paper
Deliverability and regional pricing in U.S. natural gas markets
During the 1980s and early '90s, interstate natural gas markets in the United States made a transition away from the regulation that characterized the previous three decades. With abundant supplies and plentiful pipeline capacity, a new order emerged in which freer markets and arbitrage closely linked natural gas price movements throughout the country. After the mid-1990s, however, U.S. natural gas markets tightened and some pipelines were pushed to capacity. We look for the pricing effects of limited arbitrage through causality testing between prices at nodes on the U.S. natural gas ...
Journal Article
Do energy prices threaten the recovery?
Journal Article
A perspective on the economics of natural gas decontrol
Journal Article
Houston after the hurricanes
Working Paper
Capturing rents from natural resource abundance: private royalties from U.S. onshore oil and gas production
Innovation-spurred growth in oil and gas production from shale formations led the U.S. to become the global leader in producing oil and natural gas. Because most shale is on private lands, drilling companies must access the resource through private lease contracts that provide a share of the value of production ? a royalty ? to mineral owners. We investigate the competitiveness of leasing markets by estimating how much mineral owners capture geologically-driven advantages in well productivity through a higher royalty rate. We estimate that the six major shale plays generated $39 billion in ...
Journal Article
Noteworthy: natural gas: glitches point to inflated output data
Natural gas production and consumption data have been drifting apart. Production should equal consumption plus increases or decreases in storage, but sampling and estimation errors typically result in slight discrepancies. Seeing these gaps rise, the Energy Information Administration (EIA) implemented a new methodology with the release of February's production data that should ensure greater accuracy. Estimates for the prior 12 months were revised as well.
Journal Article
Natural gas from shale: Texas revolution goes global
The Texas experiment in extracting natural gas from the Barnett Shale proved the technical feasibility of shale gas development and brought costs within bounds that promise to give shale gas an important role in global energy supplies for decades to come. ; Shale gas cost estimates vary widely, partly because of limited experience in a few basins and partly because the technology is evolving. Prices of competing energy sources at levels seen today will likely stimulate continued rapid development of natural gas from shale. However, additional regulations to protect or conserve groundwater ...