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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