1976

Not since 1976 — when Peter Frampton was on the radio and Jimmy Carter was heading to the White House — have U.S. proved reserves of natural gas stood as high as they did last year, according to the U.S. Department of Energy’s Energy Information Administration (EIA).

With end-of-March storage at the lowest level since it began keeping records in 1976, the Energy Information Administration (EIA) in its short-term energy outlook for April said the gas markets will require a combination of high spot prices during the spring and summer, strong gas drilling and development activity and normal summer weather in order to achieve normal inventories by next winter. Absent these conditions, it believes the market could see a new round of gas price spikes during the 2003-2004 heating season.

With end-of-March storage at the lowest level since it began keeping records in 1976, the Energy Information Administration (EIA) in its short-term energy outlook for April said the gas markets will require a combination of high spot prices during the spring and summer, strong gas drilling and development activity and normal summer weather in order to achieve normal inventories by next winter. Absent these conditions, it believes the market could see a new round of gas price spikes during the 2003-2004 heating season.

NiSource said it filed the necessary information under theHart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976 with theFederal Trade Commission and Department of Justice regarding itstender offer for all of Columbia Energy Group’s common shares. CEOGary Neale said it “sends a serious message to Columbia that we arecommitted to completing this transaction and that we are confidentin our ability to secure the necessary regulatory approvals. Wehave said throughout that we believe the regulatory approvalprocess can be completed within six to nine months if we worktogether. HSR clearance is an important first step, and one thatconfirms our commitment to move forward on all fronts of thistransaction.” NiSource is offering $68/share for Columbia stock.Columbia’s board has said the company is not for sale and isfighting the hostile takeover attempt (See Daily GPI July 16, July15, June 25, June 11 and June 8).