Oversupply Sends Natural Gas Prices To A 7-Year Low At End Of Aug. 2009

Natural Gas Prices At Lowest Levels In Seven Years:

Natural gas tumbled 4.5 cents to $2.865 per 1,000 cubic feet during Thursday, Aug. 27th. The price of natural gas dropped as low as $2.692 per 1,000 cubic feet earlier on Aug. 27, a price not seen since Aug. 7, 2002. Also, during Aug. 27, benchmark crude for October delivery added $1.06 to settle at $72.49 a barrel on the New York Mercantile Exchange.

UPDATE:
During morning trading on Sept. 3, natural gas for October delivery fell 18.6 cents to $2.529 per 1,000 cubic feet. The price of natural gas had dropped as low as $2.518 per 1,000 cubic feet. This amount represents the lowest price for natural gas since March 2007. The government reported on Sept. 3 that U.S. natural gas supplies grew again last week and are now nearly 18 percent above the five-year average.

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Comment by Alamo on September 3, 2009 at 5:51pm
The fact that natural gas prices have dropped to new lows makes it mandatory that we press our Congressmen and Senators to push the enactment of the NAT GAS ACT. The US House version is: HR 1835 while the senate version is S. 1408. Write, call, fax or scream, but make your voices heard. If your Senators and Congress "Person" has signed on as a "Co-sponsor" ask him or her to press the issue. We need action. It's the right thing for us and for the nation. For jobs;for the economy; for the environment and for national security we must have our own fuel source. To continue to depend on foreigners for our transportation fuels is to court disaster pure and simple.

Congressional action ought to follow the current impasse the debate on a national healthcare Bill has caused since the NAT GAS ACT was introduced in the US House last April.

Clearly, utilizing natural gas in the nation's transportation sectors (autos, trucks, busses, taxis and even locomotives as well as all heavy equipment) will influence the "demand" factor which will increase gas prices. Natural gas is the most superior of the fossil fuels. Significantly better for our environment as well as the engines it's "burned" in.

Establishing a national transition to an American resource, no matter how superior it is and how much it has to offer the nation ---jobs, jobs, jobs, it's a very difficult proposition to push the entrenched crude oil industry out of the way. That bunch of theives, war mongers and polluters has been running things for the past 100 years and are not about to let go quietly or easily. Gasoline is hardly "cheap" when the national security considerations are included with the price per gallon. The lost lives of 4500 US military personnel; the 30,000 plus maimed and brain damaged; the estimated ultimate cost of 3-5 TRILLION taxpayer dollars should be included in the cost of gasoline and diesel fuel in just the Iraq adventure alone. Throw in the cost to pay for the world's largest defense establishment--more expensive that ALL the rest of the world's defense budgets COMBINED and you will have to agree that depending on unfriendly foreigners for our transportation fuels aint cheap.
Why? Natural gas is abundant--the United States now is number one in the world in proven natural gas reserves--so if we are the "Saudis" of natural gas, why are we continuing to import crude to the tune of 20 BILLION dollars a month? That's a quarter TRILLION DOLLARS of American dollars that are exiting our economy with millions of those dollars ultimately funding Islamic terrorism. How insane can it be to fund terrorists WHEN WE HAVE A VASTLY SUPERIOR FUEL RIGHT HERE IN TEXAS, LOUISIANA, OKLAHOMA, ARKANSAS, NEW MEXICO, UTAH, WYOMING, WEST VIRGINIA, PENNSYLVANIA, OHIO, NEW YORK, ALASKA AND ELSEWHERE. Canada has vast natural gas reserves and I far prefer doing business with the Canadians than the Saudis, Iranians, Venezuelans, Libyans, Russians, Nigerians and Indonesians for example.

Press the Congress for action. Boone Pickens cannot do it all by himself.

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