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COPYRIGHT 2001 Access Intelligence, LLC.
At a recent luncheon in Washington hosted by IPAA, Rep. Roger Wicker, R-Miss., expressed concern to the largely independent oil and gas industry audience that high natural gas prices were somehow manipulated this past winter. He proceeded to ask the magic question: How does supply and demand work at the wellhead to set natural gas prices?
Soon after the March 15 Congressional Off & Gas Forum luncheon, Sen. Pete Domenici, R-N.M., asked the Senate Energy and Natural Resources Committee to hold hearings on the "troubling conditions" in the natural gas market. In a March 26 letter to the panel, the chairman of the Senate Budget Committee cited concern about soaring consumer gas prices. The letter was sent after Phelps Dodge Corp., which operates in New Mexico, reported that it would curtail production and lay off 85 workers at its Chino copper mining operations because of high energy costs.
As these and other policymakers struggle to develop a national energy policy, they must get a basic understanding of...
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