Dynamic International Oil Markets

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Dynamic International Oil Markets

Author : C. van der Linde
Publisher : Springer Science & Business Media
ISBN 13 : 940157913X
Total Pages : 236 pages
Book Rating : 4.4/5 (15 download)

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Book Synopsis Dynamic International Oil Markets by : C. van der Linde

Download or read book Dynamic International Oil Markets written by C. van der Linde and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Writing this book would have been impossible without the help of certain institutions and persons. For a gas-producing and oil-processing country like the Netherlands, there was surprisingly very little, publicly available, research material. Public libraries' collections contained, with a certain degree of inconsistency, little of the more specialised sources. I would therefore like to express my gratitude towards Royal Dutch Shell, and especially the library staff in The Hague, for allowing me to use the company's library, thanking them for their assistance in finding and supplying the required data. I am also grateful for the financial assistance of the 'Nederlandse organisatie voor wetenschappelijk onderzoek' (NWO) and the Faculty of Law of the University of Leiden. They provided the financial means to work a (crucial) month in the very well equipped library of the Oxford Institute for Energy Studies. I am indebted to the staff of the Oxford Institute for Energy Studies, and particularly to Robert Mabro and Jeremy Turk, for their comments, support, and friendship. After I spent a month in the Institute in July 1989, I was able to return for two five-month periods in 1990 and 1991. For both periods, the Oxford Institute and the Leiden Law Faculty provided me with the necessary means. I would also like to express special gratitude to some people who have been a great support and supplied me with valuable comments at various stages of the study.

The State and the International Oil Market

Author : C. van der Linde
Publisher : Springer Science & Business Media
ISBN 13 : 1461545757
Total Pages : 179 pages
Book Rating : 4.4/5 (615 download)

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Book Synopsis The State and the International Oil Market by : C. van der Linde

Download or read book The State and the International Oil Market written by C. van der Linde and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abbreviations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ix Chapter 1 INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Chapter 2 REDRAWING THE BOUNDARIES BETWEEN STATE AND COMPANY . . . 3 Chapter 3 STATE PARTICIPATION IN THE ECONOMY . . . . . . . . . . . . . . . . . . . . . 25 Chapter 4 INTERNATIONAL ECONOMIC INSTABILITY . . . . . . . . . . . . . . . . . . . . . 49 Chapter 5 THE FAILURE OF OPEC TO SECURE ECONOMIC RENTS . . . . . . . . . . 67 Chapter 6 TURNING BLACK GOLD INTO DEVELOPMENT . . . . . . . . . . . . . . . . . . 81 Chapter 7 NATIONAL OIL COMPANIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 Chapter 8 AMBITIOUS CONSOLIDATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127 Chapter 9 STRATEGIC CONSOLIDATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165 PREFACE This book has been kicking around my desk for quite some time. On and off I returned to my work on the role of the state in the economy and the international oil market, but for a long time I was not satisfied with the shape it was in. I understand now that I needed the insights developed over the past couple of years on the role of the state, regulation, liberalization, privatization, and the recent events in the international oil industry to bring all my ideas together in a more coherent format. It was the events that followed the Asian financial crisis that drew me back to finish writing this book. The early beginnings of this book were developed at the Institute of International Affairs, Chatham I-louse, in London, where I was a research fellow with the Energy and Environment Programme in 1992 and 1993. At the Colorado School of Mines, I had the opportunity to test my ideas in a graduate class, and continue the research.

Enabling the Iranian Gas Export Options

Author : Maximilian Kuhn
Publisher : Springer Science & Business Media
ISBN 13 : 3658000937
Total Pages : 379 pages
Book Rating : 4.6/5 (58 download)

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Book Synopsis Enabling the Iranian Gas Export Options by : Maximilian Kuhn

Download or read book Enabling the Iranian Gas Export Options written by Maximilian Kuhn and published by Springer Science & Business Media. This book was released on 2014-01-17 with total page 379 pages. Available in PDF, EPUB and Kindle. Book excerpt: Maximilian Kuhn investigates one of the most pressing, yet neglected subjects in the field of global energy politics: the integration of the Iranian gas market. Possessing the world’s second-largest proven natural gas reserves, Iran is a hypothetical energy giant-in-waiting. Yet over three decades of internal divisions, coupled with crippling international sanctions, have left Iran unable to capitalize on its vast energy potential. Increasing global demand for natural gas and a government in constant need of finding new sources of revenue to meet the needs of a fast-growing population should lead Iran to eventually become a large-scale gas exporter. How this could take place and what the implications for global gas markets would be are the central research questions tackled by this study. The study allows a look beyond international politics, Iranian political decision-making, investment laws, and pipeline games.

International Handbook of Network Industries

Author : Matthias Finger
Publisher : Edward Elgar Publishing
ISBN 13 : 0857930478
Total Pages : 537 pages
Book Rating : 4.8/5 (579 download)

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Book Synopsis International Handbook of Network Industries by : Matthias Finger

Download or read book International Handbook of Network Industries written by Matthias Finger and published by Edward Elgar Publishing. This book was released on 2011 with total page 537 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'To learn about how economic and institutional forces have shaped the network industries and policies towards them, read the first part of the book. To discover their impacts on particular industries, read the second part. And to find out what has happened in particular countries, read the third part. I think anyone interested in network industries should read all of it! The book's structure allows for many interesting comparisons across countries and sectors.' Richard Green, University of Birmingham, UK 'This is a very useful and comprehensive guide to reforms in network industries in communications, energy, transport and water. It is organized by generic topic, sector and region. Its authors are acknowledged experts. I am confident that this Handbook will be a widely read and valuable resource for many years.' Martin Cave, London School of Economics, UK 'Quite an accomplishment, this Handbook provides by far the most comprehensive overview of the role of the private sector and competition in infrastructure industries, with thoughtful surveys of each of the major infrastructure sectors and of the key regions and countries.' José Gómez-Ibáñez, Harvard University, US In recent decades, all infrastructures have undergone significant restructuring. This worldwide phenomenon is often labelled 'liberalization' and although expectations were high with respect to lower prices, greater efficiency and innovation, the expected gains have not always been fully realized. This extensive, state-of-the-art Handbook provides a comprehensive overview of the various experiences of liberalization across different sectors, regions and disciplines. The multidisciplinary approach focuses on the economic, political and institutional aspects of liberalization as well as, to a lesser extent, on technological issues. As such, it constitutes a unique contribution, as this broad overview is often lost in the sector specific, country-focused and purely disciplinary approaches prevalent in the current literature. Sectors explored include telecoms, the Internet, energy and transport, whilst the truly global perspective incorporates unique case studies from an array of developed and developing countries including the US, China, India and the EU. The International Handbook of Network Industries will become the definitive volume for academics researchers and students of economics, political science and law interested in infrastructure regulation. It will also prove a valuable guide to practitioners and policy-makers involved in liberalization and competition.

National Oil Companies and Value Creation

Author : Silvana Tordo
Publisher : World Bank Publications
ISBN 13 : 0821388312
Total Pages : 149 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis National Oil Companies and Value Creation by : Silvana Tordo

Download or read book National Oil Companies and Value Creation written by Silvana Tordo and published by World Bank Publications. This book was released on 2011-07-13 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt: National Oil Companies (NOCs) directly or indirectly control the majority of oil and gas reserves. As such, they are of great consequence to their country's economy, to importing countries' energy security, and to the stability of oil and gas markets. The paper analyzes the available evidence on the objectives, governance and performance of 20 NOCs from both net importing and net exporting countries, and draws conclusions about the design of policies and measures that are more likely to lead to social value creation. NOCs differ from private companies on a number of very important variables, including the level of competition in the market in which they operate, their business profile along the sector value chain, and their degree of commercial orientation and internationalization. Most share some core characteristics: they are usually tied to the 'national purpose' and serve political and economic goals other than maximizing the firm's profits. This paper introduces a conceptual model to analyze value creation by NOCs that takes into consideration their complex objective function. Our analysis aims to answer the following questions: Are certain corporate governance arrangements more suited than others to promote value creation? Is good geology a pre-condition for NOC value creation? Are there benefits from exposing the NOC to competition from private oil companies? Does the development of forward and backward linkages hamper NOC value creation?

The impact of oil price dynamics on global economy

Author : Vivian Randhawa
Publisher : GRIN Verlag
ISBN 13 : 3668702942
Total Pages : 30 pages
Book Rating : 4.6/5 (687 download)

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Book Synopsis The impact of oil price dynamics on global economy by : Vivian Randhawa

Download or read book The impact of oil price dynamics on global economy written by Vivian Randhawa and published by GRIN Verlag. This book was released on 2018-05-14 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2014 in the subject Business economics - Trade and Distribution, grade: 1,7, Hamburg University of Applied Sciences, language: English, abstract: After oil was discovered in the late 19th century, oil prices were primarily determined first by the major petroleum companies and then by the oil-exporting nations, who joined forces in the Organization of Petroleum Exporting Countries (OPEC). In the 1960s, the market-oriented pricing system was adopted and since then oil prices are primarily formed by supply and demand. Oil prices are characterized by permanent price fluctuations. Especially rapid price rises and longer-term fluctuations are at the focus of many scientific work. Because oil is an indispensable resource for the global economy, the question arises after the economic impacts of such price developments. While oil- exporting countries benefit from strong price rises, oil- importing countries, with emerging countries leading the way, are negatively affected. The interplay of these opposite effects and the global economic situation are crucial for the net effect on global economy.

Global Price Fixing

Author : John M. Connor
Publisher : Springer Science & Business Media
ISBN 13 : 3540342222
Total Pages : 504 pages
Book Rating : 4.5/5 (43 download)

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Book Synopsis Global Price Fixing by : John M. Connor

Download or read book Global Price Fixing written by John M. Connor and published by Springer Science & Business Media. This book was released on 2007-05-24 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes and analyzes the formation, operation, and impacts of modern global cartels. It provides a broad picture of the economics, competition law and history of international price fixing. Intensive case studies of collusion in the markets for lysine, citric acid, and vitamins offer a deep, detailed understanding of the phenomenon. The author assesses whether antitrust enforcement by the European Union, the United States, and other countries can deter cartels.

Multinational Enterprise, Political Risk and Organisational Change

Author : Neil Forbes
Publisher : Routledge
ISBN 13 : 1351692313
Total Pages : 234 pages
Book Rating : 4.3/5 (516 download)

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Book Synopsis Multinational Enterprise, Political Risk and Organisational Change by : Neil Forbes

Download or read book Multinational Enterprise, Political Risk and Organisational Change written by Neil Forbes and published by Routledge. This book was released on 2018-12-17 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hitherto, the organization of international business has been studied mostly from a managerial point of view or by examining the relationship between firms and the economy. Yet, the development of the modern, multinational firm - the most important type of business organisation - has been strongly influenced by the conflicts that bedeviled the twentieth century. The volatile macroeconomic and political environments experienced by international business point to how important it is to study political risk. Consequently, Multinational Enterprise, Political Risk and Organisational Change: From Total War to Cold War breaks new ground: it argues that non-market elements and historical context are key to understanding the way international business has been organised. This edited volume offers an historical approach to analysing how multinational enterprise has developed over time and around the world, through a series of well-crafted chapters, on important topics in international economic and business history, written by authorities in their respective fields of study and research. The study is based on the underlying premise that the coming of the two World Wars, the devastating and long-term consequences of such total wars, and the ideological challenge of the Cold War acted as a pivot points in shaping the nature and character of multinational firms. By examining such phenomena, this study offers insights to anyone who has an interest in business, economic or political history, management and business studies, or international relations. Chapter 1 of this book is freely available as a downloadable Open Access PDF at http://www.taylorfrancis.com under a Creative Commons Attribution-Non Commercial-No Derivatives (CC-BY-NC-ND) 4.0 license.

Crude Volatility

Author : Robert McNally
Publisher : Columbia University Press
ISBN 13 : 0231543689
Total Pages : 336 pages
Book Rating : 4.2/5 (315 download)

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Book Synopsis Crude Volatility by : Robert McNally

Download or read book Crude Volatility written by Robert McNally and published by Columbia University Press. This book was released on 2017-01-17 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: As OPEC has loosened its grip over the past ten years, the oil market has been rocked by wild price swings, the likes of which haven't been seen for eight decades. Crafting an engrossing journey from the gushing Pennsylvania oil fields of the 1860s to today's fraught and fractious Middle East, Crude Volatility explains how past periods of stability and volatility in oil prices help us understand the new boom-bust era. Oil's notorious volatility has always been considered a scourge afflicting not only the oil industry but also the broader economy and geopolitical landscape; Robert McNally makes sense of how oil became so central to our world and why it is subject to such extreme price fluctuations. Tracing a history marked by conflict, intrigue, and extreme uncertainty, McNally shows how—even from the oil industry's first years—wild and harmful price volatility prompted industry leaders and officials to undertake extraordinary efforts to stabilize oil prices by controlling production. Herculean market interventions—first, by Rockefeller's Standard Oil, then, by U.S. state regulators in partnership with major international oil companies, and, finally, by OPEC—succeeded to varying degrees in taming the beast. McNally, a veteran oil market and policy expert, explains the consequences of the ebbing of OPEC's power, debunking myths and offering recommendations—including mistakes to avoid—as we confront the unwelcome return of boom and bust oil prices.

Energy

Author : Joseph Russell Rudolph
Publisher : Scarecrow Press
ISBN 13 : 9780810830110
Total Pages : 198 pages
Book Rating : 4.8/5 (31 download)

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Book Synopsis Energy by : Joseph Russell Rudolph

Download or read book Energy written by Joseph Russell Rudolph and published by Scarecrow Press. This book was released on 1995 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: A road map for the novice researcher contemplating the broad field affected by and concerned with energy.

International Institutional Law

Author : Henry G. Schermers
Publisher : BRILL
ISBN 13 : 9047412745
Total Pages : 1336 pages
Book Rating : 4.0/5 (474 download)

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Book Synopsis International Institutional Law by : Henry G. Schermers

Download or read book International Institutional Law written by Henry G. Schermers and published by BRILL. This book was released on 2021-11-15 with total page 1336 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a comparative analysis of the institutional law of public international organizations, covering issues such as membership, institutional structure, decisions and decision-making, legal status, privileges and immunities. It has been designed to appeal to both academics and practitioners.

Financial Market Dynamics after COVID 19

Author : Stéphane Goutte
Publisher : Springer Nature
ISBN 13 : 3030985423
Total Pages : 137 pages
Book Rating : 4.0/5 (39 download)

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Book Synopsis Financial Market Dynamics after COVID 19 by : Stéphane Goutte

Download or read book Financial Market Dynamics after COVID 19 written by Stéphane Goutte and published by Springer Nature. This book was released on 2022-04-27 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses the impact of the COVID-19 pandemic in different areas of Finance emphasizing the contagion effect in capital markets. The volume presents evidence-based case studies from the global financial crisis that followed after the onset of the pandemic in March 2020.

Energy Union

Author : Svein S. Andersen
Publisher : Springer
ISBN 13 : 1137591048
Total Pages : 253 pages
Book Rating : 4.1/5 (375 download)

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Book Synopsis Energy Union by : Svein S. Andersen

Download or read book Energy Union written by Svein S. Andersen and published by Springer. This book was released on 2016-10-27 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contributes to an ongoing debate about the EU as a global actor, the organization’s ability to speak with one voice in energy affairs, and the external dimension of the regulatory state. Investigating whether the Energy Union amounts to a fundamental shift towards Europe's new 'Liberal Mercantilism', it gathers high-level contributors from academia and the policy world to shed light on the changing nature of the EU's use of power in one of its most crucial policy fields. It argues that the Energy Union epitomizes a change in the EU’s approach to managing its economic power. Whilst the EU remains committed to a liberal approach to international political economy, it seems ready to promote regulation for the purpose of augmenting its own power at the expense of others, notably Russia. This edited collection will appeal to political scientists, economists and energy experts. div

The Indonesian Production Sharing Contract:An Investor's Perspective

Author : Tengku Nathan Machmud
Publisher : Kluwer Law International B.V.
ISBN 13 : 9041113878
Total Pages : 264 pages
Book Rating : 4.0/5 (411 download)

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Book Synopsis The Indonesian Production Sharing Contract:An Investor's Perspective by : Tengku Nathan Machmud

Download or read book The Indonesian Production Sharing Contract:An Investor's Perspective written by Tengku Nathan Machmud and published by Kluwer Law International B.V.. This book was released on 2000-07-12 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: The model contract for oil and gas development known as the Production Sharing Contract (PSC) originated in Indonesia in 1966 and enjoyed over a decade of successful implementation, with minor adjustments, in several oil-producing countries. In more recent years, however, numerous problems have arisen as changes in economic realities have driven the level of private investment down. This penetrating study, the only one of its kind, uses legal analysis as well as historical data to pinpoint the reasons for the initial success of the PSC and for its subsequent and persistent frustrations for investors. The author first examines the original Indonesian contract, along with the variants adopted in Malaysia and the People's Republic of China, and then proceeds to an in-depth analysis of the main clauses and their amendments and execution in all three countries. Taking into account various commissioned surveys and emerging policies and strategies espoused by both governments and industry representatives, he concludes with a detailed proposal for an overhauled contract that allows for meaningful adjustments, or even renegotiation, when the balance of interests between parties changes substantially. Focusing as it does on some central issues in global economic development, The Indonesian Production Sharing Contract will be of great value to lawyers, multinational corporate executives, and policymakers far beyond the Asia-Pacific region.

Petroleum, Industry and Governments

Author : Bernard Taverne
Publisher : Kluwer Law International B.V.
ISBN 13 : 9403532319
Total Pages : 389 pages
Book Rating : 4.4/5 (35 download)

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Book Synopsis Petroleum, Industry and Governments by : Bernard Taverne

Download or read book Petroleum, Industry and Governments written by Bernard Taverne and published by Kluwer Law International B.V.. This book was released on 2022-05-13 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: The grave concern of governments for the negative impact on the world climate caused by the release into the atmosphere of CO2 resulting from human activity, and under human control, such as the burning and combustion of oil products from the refinery, of natural gas and coal (the fossil fuels) made it possible for the international community to agree to and establish a global climate agreement, viz. The Paris Agreement of 1915. In order to meet the objectives of this Agreement, governments will try (among other measures) to curb the consumption of fossil fuels. This will not be easy since, in particular in less advanced economies, fossil fuels are for the coming decades indispensable. In more advanced economies, there are alternatives available, but as long as a possible switching to nuclear fission energy meets with public opposition, even the more advanced economies will remain dependent on fossil fuels for the coming decades. In its deeply informed discussion of the involvement of industry and governments with the production and use of petroleum, the prodigious scope of the coverage encompasses the following and much more: technical and environmental aspects of the production of oil and natural gas; position and function of petroleum and natural gas in the economy; government policies and attitudes towards fossil fuels, particularly with respect to climate change; national and international regulation of onshore or offshore petroleum operations; how oil and natural gas markets work; old and new forms and manifestations of political risk; distinction between licence-based and contract-based petroleum legislation; production sharing agreements; and petroleum taxation. The author draws on laws, contracts, government policy documents, trade journals, and statistical data available from international organizations and institutes and international oil companies. Underlying much of the review and discussion are governmental concerns with the prospects for economic alternatives and control of CO2 emissions. The often conflicting policy options open to governments and the consequences, if any, for both oil and natural gas and the petroleum industry are reviewed and discussed. All statistics and projections regarding reserves, production and consumption of oil and natural gas have been updated. Because so much continues to happen in the realm covered by this book, all who depend on its previous editions will need this updated and significantly rewritten edition. An indispensable resource for petroleum policymakers at every level, this book is of special importance and interest to petroleum venture managers, as well as for lawyers, independent consultants, and other professionals who are required to give advice with respect to the economic, regulatory, and cooperative aspects of petroleum operations.

Strategic Modelling and Business Dynamics, + Website

Author : John D. W. Morecroft
Publisher : John Wiley & Sons
ISBN 13 : 1118844688
Total Pages : 519 pages
Book Rating : 4.1/5 (188 download)

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Book Synopsis Strategic Modelling and Business Dynamics, + Website by : John D. W. Morecroft

Download or read book Strategic Modelling and Business Dynamics, + Website written by John D. W. Morecroft and published by John Wiley & Sons. This book was released on 2015-07-27 with total page 519 pages. Available in PDF, EPUB and Kindle. Book excerpt: Insightful modelling of dynamic systems for better business strategy The business environment is constantly changing and organisations need the ability to rehearse alternative futures. By mimicking the interlocking operations of firms and industries, modelling serves as a ‘dry run’ for testing ideas, anticipating consequences, avoiding strategic pitfalls and improving future performance. Strategic Modelling and Business Dynamics is an essential guide to credible models; helping you to understand modelling as a creative process for distilling and communicating those factors that drive business success and sustainability. Written by an internationally regarded authority, the book covers all stages of model building, from conceptual to analytical. The book demonstrates a range of in-depth practical examples that vividly illustrate important or puzzling dynamics in firm operations, strategy, public policy, and everyday life. This updated new edition also offers a rich Learners' website with models, articles and videos, as well as a separate Instructors' website resource, with lecture slides and other course materials (see Related Websites/Extra section below). Together the book and websites deliver a powerful package of blended learning materials that: Introduce the system dynamics approach of modelling strategic problems in business and society Include industry examples and public sector applications with interactive simulators and contemporary visual modelling software Provide the latest state-of-the-art thinking, concepts and techniques for systems modelling The comprehensive Learners' website features models, microworlds, journal articles and videos. Easy-to-use simulators enable readers to experience dynamic complexity in business and society. Like would-be CEOs, readers can re-design operations and then re-simulate in the quest for well-coordinated strategy and better performance. The simulators include a baffling hotel shower, a start-up low-cost airline, an international radio broadcaster, a diversifying tyre maker, commercial fisheries and the global oil industry. "Much more than an introduction, John Morecroft’s Strategic Modelling and Business Dynamics uses interactive ‘mini-simulators and microworlds’ to create an engaging and effective learning environment in which readers, whatever their background, can develop their intuition about complex dynamic systems." John Sterman, Jay W. Forrester Professor of Management, MIT Sloan School of Management "Illustrated by examples from everyday life, business and policy, John Morecroft expertly demonstrates how systems thinking aided by system dynamics can improve our understanding of the world around us." Stewart Robinson, Associate Dean Research, President of the Operational Research Society, Professor of Management Science, School of Business and Economics, Loughborough University

The Evolution of the US Airline Industry

Author : Eldad Ben-Yosef
Publisher : Springer Science & Business Media
ISBN 13 : 0387242422
Total Pages : 295 pages
Book Rating : 4.3/5 (872 download)

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Book Synopsis The Evolution of the US Airline Industry by : Eldad Ben-Yosef

Download or read book The Evolution of the US Airline Industry written by Eldad Ben-Yosef and published by Springer Science & Business Media. This book was released on 2005-10-24 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: For over three decades the airline industry has continued to maintain a high profile in the public mind and in public policy interest. This high profile is probably not surprising. There does seem to be something inherently newsworthy about airplanes and the people and companies that fly them. The industry was one of the first major industries in the United States to undergo deregulation, in 1978. It thereby transitioned from a closely regulated sector (the former Civil Aeronautics Board tightly controlled everyt thing from prices to routes to entry) to one that is largely market oriented. The incumbent carriers transformed themselves from the point-to-point operators that the CAB had required to the hub-and-spokes structures that took better advantage of their network characteristics. Further, they transformed their pricing from the quite simple structures that the CAB had required to the highly differentiated/segmented pricing structures (“yield management”) that reached an apogee in the late 1990s. Some ca arriers, like American, Delta, and United, were better at this transition; others, like Pan American, TWA, and Eastern, were not. What the incumbent carriers did not do, however, was deal with their costly wage and work rules structures, which were an enduring legacy of their regulatory period. This legacy, when combined with the high-fare end of the yield-management pricing structure, has made them vulnerable to entry by new carriers with lower cost structures.