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26 Ann. Inst. on Min. L. 1 (1980)
The Natural Gas Policy Act of 1978

handle is hein.journals/mineral23 and id is 13 raw text is: THE NATURAL GAS POLICY ACT OF 1978* by Richard J. Pierce, Jr. Associate Professor of Law University of Kansas School of Law, Lawrence, Kansas I. OVERVIEW OF NATURAL GAS POLICY ACT PRODUCER PRICING PROVISIONS General Statutory Approach To the extent that it is possible to infer a coherent philosophy and a set of goals underlying the producer pric- ing compromise, it appears to be intended to eliminate, at least prospectively, the interstate/intrastate market di- chotomy in the regulation of producer sales and to provide sufficient incentive for increased exploration and develop- ment of new supplies, while simultaneously minimizing the potential for windfall profits to be earned by producers who can be induced to provide gas at a price lower than that which would be established by market forces alone. The compromise also makes a bow in the direction of gradualism through the use of pricing formulae which permit gradual price rises over time and phased deregulation of some types of gas. It also has characteristics which suggest that at least some proponents viewed it as an explicit attempt at experimentation with results which might be found politi- cally unpalatable in the future. *Editor's note: When given at the Institute, this paper was followed by a panel discussion of the implementation of the Natural Gas Policy Act in Louisiana. In addition to Professor Pierce, the panelists included John Aldridge of the Office of Conservation, Department of Natural Resources for the State of Louisiana; Ray Barlow, Partner, Hargrove, Guyton, Ramey & Barlow, Shreveport, Louisiana; and Shelby H. Moore, Jr., Division Attorney, Exxon Company U.S., Los Angeles, California. 1

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