Before OPEC took center stage, one state agency in Texas was widely believed to set oil prices for the world. The Texas Railroad Commission (TRC) evolved from its founding in 1891 to a multi-divisional regulatory commission that oversaw not only railroads but also a number of other industries central to the modern American economy: petroleum production, natural gas utilities, and motor carriers (buses and trucks).
William R. Childs's unprecedented study of the TRC from its founding until the mid-twentieth century extends our knowledge of commission-style regulation. It focuses on the...