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The Political Economy of PipelinesA Century of Comparative Institutional Development$
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Jeff D. Makholm

Print publication date: 2012

Print ISBN-13: 9780226502106

Published to Chicago Scholarship Online: March 2013

DOI: 10.7208/chicago/9780226502120.001.0001

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Regulating Pipelines as a Response to Monopoly

Regulating Pipelines as a Response to Monopoly

(p.45) Chapter Four Regulating Pipelines as a Response to Monopoly
The Political Economy of Pipelines
University of Chicago Press

This chapter discusses how pipeline regulation dealt with the perception of market power held by investor-owned pipelines. It is demonstrated that institutional details—and history—matter in the analysis of markets for pipeline transport. The “Garfield report” was unambiguous in its finding that Standard Oil had absorbed almost all the major American oil pipelines “by means of unfair competitive methods during years of fierce industrial strife.” Australia was developing new sources of gas that may start to weaken the highly concentrated production and marketing sector. The structure of Argentina's gas supply system presented unusually attractive opportunities to contribute competition in both gas and transport. The only gas pipelines that continue to be regulated in Australia are the Victorian transmission system and two pipelines serving the smaller markets in Queensland.

Keywords:   pipeline regulation, market power, investor-owned pipelines, pipeline transport, Garfield report, Standard Oil, Australia, Argentina

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