As evidenced in the third quarter reports from both majors and independents in recent days, domestic gas production is weakening as natural gas prices remain low. Even though third quarter production levels are “normally very weak,” analyst Thomas Driscoll said levels on average are down more than expected from comparable periods a year ago, and the levels into the fourth quarter and 2002 “are likely to suffer…as a result of high inventory levels and weak demand.”
Articles from Boom
On-again, off-again wrangling with natives over land claims and resource development has erupted yet again in an area undergoing a boom in gas exploration in northeastern British Columbia, setting back one gas project but not noticeably slowing down the overall pace of producer expansion.
While condemning the wholesale gas and power volatility thissummer and profit-hungry generator/marketers, San Diego-basedSempra Energy CEO Steve Baum painted a bright picture last Thursdayfor his company and utility consumers, noting that San Diego Gasand Electric Co. customers are now paying on average less for theirelectricity than they did a year ago.