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This paper offers an empirical analysis of the impact of reforms in the natural gas industry on consumer prices across the EU-15 area. After briefly reviewing the key features of the industry and the most recent reforms, we study the relationship between regulatory indicators and price dynamics by means of panel data econometrics. Our findings suggest that so far there is limited evidence of beneficial effects for European consumers from the standard package of gas industry reforms. Brent oildoi:10.5547/issn0195-6574-ej-vol31-no4-8 fatcat:y2ed2xuf3fdbzc2dvsbuh2ypdy