NATURAL GAS-CONCLUSION SURPLUS ESSENTIAL TO MARKET GROWTH

The U.S. gas bubble is dead. Long live the gas bubble. No sooner did the U.S. deliverability surplus disappear than fears arose over adequacy of wintertime supply. The country now seems headed for a crunch, if not this year then soon. Consumption growth of 3%/year would take U.S. demand to 22 tcf by 1996 and nearly 25 tcf by 2000. Production capacity, now about 20 tcf/year, is falling at about 6%/year. Drilling at current levels won't reverse the decline, and pipeline imports are

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