US gas price spike scrutiny unwarranted

12/22/2003
US natural gas prices have arrived: They are now the likely subject of a congressional investigation.Spiking crude oil and gasoline prices are usually the target of such hyperinflated indignation. Now natural gas prices get their due, misguided though such efforts are.Gas price spikesIt is an understatement to say that markets were surprised by a 50% spike in natural gas futures prices on the New York Mercantile Exchange earlier this month. With storage abundant, how could gas prices have jumped to a 9 month high near $7/MMbtu?That question was asked with ire and skepticism by some influential politicians. But instead of Democratic Reps. Henry Waxman (Calif.) and John Dingell (Mich.) dred...
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