Regulation and long-term contracting in US natural gas markets.

Addresses the recent experience of the US natural gas industry with contracting and regulation between producers and pipelines. Develops a model of contracting between a single buyer and seller, emphasizing the determination of price and minimum-purchase provisions. Finds that take-or-pay provisions are likely to emerge in regulated and unregulated markets characterized by uncertainty, but that phased deregulation may well exacerbate the problem of contract adjustment. -from Authors