In 1986, Joseph Williams, Chairman of Williams Company, faced a dilemma. Williams was the dominant player in the United States in a very low growth energy industry. Williams’ pipeline business was the largest in the country and transported a fifth of the country’s gas every day. Gas production and refining had been deregulated but the federal government controlled distribution rates. This restricted the potential profitability of this business and inhibited Williams from reaching its goals. Williams’ executives admitted that they could not count on the pipeline business to keep beating analysts’ estimates. Additionally, Williams had over 17,000 miles of decommissioned pipeline. This was costing the company money, and the company needed to find a way to solve both of these problems. What happened then has been called by many as one of the most innovative ideas in business history.