The U.S. natural gas market is
ready to burst. With An abundance of natural gas being produced, soon there may
be nowhere left to store the country's swelling surplus. After years of explosive
growth, natural gas producers are retrenching.
The underground salt
caverns and emptied oil fields that store natural gas are quickly filling up
after a lukewarm winter depressed demand for home heating.
The surplus has
benefited businesses and homeowners that use natural gas. But with natural gas
prices at a 10-year low – and falling - companies that produce the fuel are
becoming victims of their drilling successes. Stock prices are falling in anticipation
of declining profits and scaled-back growth plans.
Several of the nation's
biggest natural gas producers, including Chesapeake Energy,
ConocoPhillips and Encana Corp., have announced plans to rapidly decrease
production.
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