Sunday, April 8, 2012

Report: Natural Gas Production May Need to Slow Down

Posted By on Sun, Apr 8, 2012 at 9:40 AM

The Associated Press reports today that there may soon be "nowhere left to put the country's swelling surplus" of natural gas.

Underground salt caverns and aquifers that store natural gas have been filling up for months after this year's balmy weather resulted in a depressed demand for home heating. Natural gas prices are at a 10-year low and stock prices continue to fall as natural gas exploration companies report declining profits and scaled-back growth.

According to the AP, unless natural gas production declines sharply or demand picks up significantly, "analysts say the nation's storage facilities could reach their limits by fall."

Last year, the United States produced an average of 63 billion cubic feet of natural gas per day, a 24 percent increase from 2006. But over the same period, consumption has grown half as fast.

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