What is the purpose of the Natural Gas Act of 1978?
The Natural Gas Act of 1978 is a federal law in the United States intended to regulate interstate natural gas prices and production. The goal of the Act was to stimulate competition in the natural gas industry. The Act established a system of federal regulations designed to ensure that natural gas prices would be reasonable, promote investment in the natural gas industry, and encourage conservation of the limited supply of natural gas. The Act also created the Federal Energy Regulatory Commission (FERC) to regulate natural gas rates, control production, and supervise the natural gas pipeline companies that were responsible for transportation and storage of natural gas. FERC also had the authority to review applications for new gas supply projects and to set rates for the transportation and storage of natural gas. The Natural Gas Act of 1978 was the first major federal legislation related to energy regulation. The Act allowed the natural gas market to become more competitive, which in turn helped to lower natural gas prices. It also enabled the safe and efficient delivery of natural gas to consumers. The Act set up a system of regulations that allowed the natural gas industry to grow and compete in a fair and open market. This has allowed consumers to benefit from competitive pricing and improved natural gas services.
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