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The Nation's Next Energy Crisis Won't Be At Corner Gas Station; Natural Gas Shortage?(A)
Byline: DAVID ISAAC
In the 1990s, natural gas was hailed as the growth fuel of the future. It was relatively cheap, burned cleanly and polluted less. Power plants that used the fuel were easy to build with reliable construction schedules.
But it's become apparent that the early hosannas extolling the wonders of natural gas were overblown. Prices are now about $6 per million British thermal units (Btus), up from an average price of $2 in the 1990s.
On May 21, Federal Reserve Chairman Alan Greenspan called attention to the problem in his testimony before Congress.
"I'm quite surprised at how little attention the natural gas problem has been getting," Greenspan said. He went on to describe the issue as "very serious."
The basic problem is overreliance on natural gas for electricity.
"Policies that were established for the last five to seven years have resulted in almost all new power capacity being based on natural gas," said R.W. Jewell, business vice president of energy for Dow Chemical Co.
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