This paper looks into natural gas pricing in the post-financial crisis market and, in particular, examines the question whether the oil-linked gas pricing system has outlived its utility as global gas markets mature and converge more rapidly than expected and as large new resources of unconventional gas shift the gas terms-of-trade.

After two years of existence at the Heads of State and Government level, the Group of 20 (G20) has reached a turning point. In this new context, a number of questions need to be addressed-in particular, as to how to ensure the transition from a crisis management body to a global governance committee. How can the G20 solve the legitimacy problems inherent to its structure and nature? How can it address its representativeness deficit? What should be the exact mandate of the Group and how can this mandate be achieved?

The crisis, it is now widely accepted, means that markets failed. Meeting for the first time in Washington in November 2008, the G20 embarked in a ride of re-regulation. Months of negotiations later, it dramatically appears different to agree on principles and broad objectives, and to write and enforce rules and commitments. 

China is looking ahead and thinking electric. The Chinese government recently announced the release of $15 billion in a “Manhattan-style” venture to support electric vehicle (EV) research, standardization and development as part of its five-year plan and to meet its seemingly unattainable objective of introducing 500 000 “clean” vehicles per year by 2011.