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Market Fragmenting Regulation: Why Gasoline Costs so Much (and Why it's Going to Cost Even More)


Andrew P. Morriss


University of Alabama School of Law; PERC - Property and Environment Research Center; George Mason University - Mercatus Center

Nathaniel Stewart


Case Western Reserve University - Institute for Global Security Law and Policy

September 2006

Illinois Public Law Research Paper No. 06-11
Case Legal Studies Research Paper No. 07-01
U Illinois Law & Economics Research Paper No. LE06-030

Abstract:     
Gasoline markets today are dangerously fragmented, the result of almost one hundred years of often-contradictory economic and environmental regulations. In this paper, we analyze that regulatory history, highlighting how the unintended consequences of regulation have been to reverse market pressures toward a broad, deep national market in a commodity, pushing the United States toward a series of loosely connected regional markets. As a result, the American economy is vulnerable to natural disasters, terrorist attacks, and foreign dictators in ways that it need not be. In addition, the weakening of market forces produces higher prices for consumers and reduced innovation by refiners. We conclude by suggesting steps that can be taken to reduce this vulnerability and improve gasoline markets.

Number of Pages in PDF File: 88

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Date posted: September 6, 2006  

Suggested Citation

Morriss, Andrew P. and Stewart, Nathaniel, Market Fragmenting Regulation: Why Gasoline Costs so Much (and Why it's Going to Cost Even More) (September 2006). Illinois Public Law Research Paper No. 06-11; Case Legal Studies Research Paper No. 07-01; U Illinois Law & Economics Research Paper No. LE06-030. Available at SSRN: http://ssrn.com/abstract=928503 or http://dx.doi.org/10.2139/ssrn.928503

Contact Information

Andrew P. Morriss (Contact Author)
University of Alabama School of Law ( email )
P.O. Box 870382
Tuscaloosa, AL 35487
United States
PERC - Property and Environment Research Center ( email )
2048 Analysis Drive
Suite A
Bozeman, MT 59718
United States
George Mason University - Mercatus Center ( email )
3401 N. Fairfax Dr.
Ste. 450
Arlington, VA 22201-4433
United States
Nathaniel Stewart
Case Western Reserve University - Institute for Global Security Law and Policy ( email )
11075 East Blvd.
Cleveland, OH 44106
United States
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