Collective action on the part of America’s utilities spurred the pipeline reforms that culminated in the country’s competitive gas market. In the last decade, however, the returns of many interstate pipelines have drifted up to surprisingly high levels. Only recently has the US Federal Energy Regulatory Commission started to pay attention to interstate gas pipelines that exhibit what appear to be unreasonably large returns for their owners at the expense of electricity and gas consumers. This article from The Electricity Journal describes the sources, consequences, and possible remedies for such seemingly excessive returns for some interstate pipelines.