Natural Gas Industry Looks to Restructure - WTRF 7 News Sports Weather - Wheeling Steubenville

Natural Gas Industry Looks to Restructure

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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.