Abstract
It is no overstatement to say that the manner in which the Federal Energy Regulatory Commission (FERC) regulates the US interstate natural gas industry is a Stradivarius of both regulatory effectiveness and restraint. With a staff of about 280 and an annual budget of around $62 million (2016), the FERC gas division deals with certificate entry and pricing for about 70 percent of the world's major gas pipelines. This amount is a tiny expense for the linchpin of the competitive US gas market (by comparison, it is about one‐twentieth of the cost of the independent system operators that regulate the US electricity transmission systems in those states with wholesale power markets).
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