Introduction
Regulatory oversight of the interstate natural gas market began in the 1930s as a reaction to concerns about the possible exercise of monopoly power by interstate pipeline companies. These concerns continue to be key factors in market monitoring and regulation. However, the natural gas market has changed significantly since the 1930s, and particularly since the 1970s, as legislative and regulatory initiatives have combined with market forces to create a more competitive natural gas industry. Ceiling prices at the wellhead were increased or removed with landmark legislation in 1978. Prices at the producing well became completely deregulated in the early 1990s, and interstate pipeline companies were prohibited from reselling gas and so no longer own the gas they transport. Natural gas purchasers can negotiate price provisions directly with suppliers or contract with marketers who can assemble a package of services. Institutional structures, such as market hubs, futures and options markets, and secondary markets for pipeline capacity rights, developed. Import and export trade of natural gas has increased, and numerous environmental, safety, and security measures have been implemented throughout the industry.
This web page presents a chronology of some of the key Federal legislative and regulatory actions that have helped reshape the natural gas market, with particular emphasis on policy directives from 1978 to October 2008. The linked files provide brief descriptions of specific legislation, regulations, or policies, and their impacts on the natural gas market.
A listing of major orders issued by the Federal Energy Regulatory Commission that pertain to the natural gas industry.
Key FERC Orders, 1984-2008
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Contents
The Public Utility Holding Company Act of 1935
Natural Gas Act of 1938
"Phillips Case": Supreme Court Decision Giving FPC Jurisdiction Over Wellhead Prices (1954)
Natural Gas Policy Act of 1978
Tax Credits for Unconventional Gas Recovery (1980)
FERC Order 380: Eliminated Minimum Bills for LDCs (1984)
FERC Order 436: Open Access Blueprint (1985)
Canadian Regulatory Reform Leads to Long-Term Increase in Sales to the United States (1985)
FERC Order 500: Take-or-Pay Cost Recovery (1987)
Repeal of the Powerplant and Industrial Fuel Use Act (1987)
Natural Gas Wellhead Decontrol Act of 1989
Clean Air Act Amendments of 1990
Moratorium on Offshore Drilling (1990)
NYMEX Issues First Natural Gas Futures Contract (1990)
FERC Pipeline Construction Rules Since 1991
FERC Order 636: The Restructuring Rule (1992)
Energy Policy Act of 1992
FERC Policy on Natural Gas Gathering System Ownership Since 1992
North American Free Trade Agreement (1994)
Outer Continental Shelf Deep Water Royalty Relief Act of 1995
FERC Order 637 (2000)
2002 Amendments to Deepwater Port Act of 1974
FERC's Hackberry Decision (2002)
The Maritime Transportation Security Act of 2002
The Pipeline Safety Improvement Act of 2002
The Alaska Natural Gas Pipeline Act (2004)
American Jobs Creation Act of 2004
The Energy Policy Act of 2005
The Gulf of Mexico Energy Security Act (2006)
The Pipeline Inspection, Protection, Enforcement, and Safety Act of 2006
The Energy Independence and Security Act of 2007
Lifting of the Moratorium on Offshore Drilling (2008)
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