This grant supports the work of Dr. Kenneth Medlock at Rice University to understand how new and proposed federal and local regulations will influence natural gas resource development and pricing in the United States. Medlock will identify the range of federal, state, and local policy options being proposed by specific stakeholders, legislators, and special interest groups regarding shale gas production in the United States. He will then specify several potential regulatory scenarios for analysis. Using the Rice World Gas Trade Model, he will then quantify the impact of proposed changes in regulation and taxation on the pace and scope of natural gas resource development and on the price of natural gas in different regions of the world. This analysis will allow him to highlight the regional and global market implications and the international geopolitical implications of the potential policies. Grant funds will support an initial exploratory workshop to identify relevant policies; analysis and modelling; an interim workshop; and a major capstone conference once his analysis is completed. Written products will include two to three academic papers, six to eight economic modeling projections with regional focus, a study monograph, and a policy white paper.