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Driven by skyrocketing oil prices and howls of business and consumer pain heading into the November election, the Senate is expected to take up major legislation Tuesday designed to limit energy futures market speculation, which has been billed as one of the major causes of the high prices.

Driven by skyrocketing oil prices and howls of business and consumer pain heading into the November election, the Senate is expected to take up major legislation Tuesday designed to limit energy futures market speculation, which has been attacked as one of the major causes of the high prices.

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).

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).

Despite a continuing downward trend the past eight months, natural gas prices will be heading back up, and customers are urged to take advantage of various utility energy efficiency programs, Sempra Energy’s Southern California Gas Co. said in a prepared announcement for customers released Monday. Customers now “benefiting from significantly lower natural gas prices,” can save even more if they kick in some energy-savings programs, the nation’s largest gas utility said.

Heading towards expiration at the end of trading Thursday, March natural gas futures continued to blaze a trail higher for the second consecutive session. The prompt month soared 20.8 cents to settle at $6.311, while April natural gas closed at $6.42, up 19.9 cents.

Just before year-end, a California state appeals court denied Sempra Energy’s latest pleading, sending a $24 billion anti-trust class action lawsuit to trial in 2005, the plaintiffs’ attorneys in the case announced Dec. 27. The plaintiffs anticipate a trial date will be scheduled to begin this summer regarding their charges of “cartel-like behavior” and collusion in the wholesale natural gas markets.

A California state appeals court denied Sempra Energy’s latest pleading last week, sending a $24 billion anti-trust class action lawsuit to trial next year, the plaintiffs’ attorneys in the case announced Monday. The plaintiffs anticipate a trial date will be scheduled to begin next summer regarding their charges of “cartel-like behavior” and collusion in the wholesale natural gas markets.

With many traders heading for the holiday weekend early, the natural gas futures screen on Wednesday was quiet, with the prompt month trading within a 20-cent range for the entire session. After reaching a low of $6.73, January natural gas settled at $6.82, a 3.6-cent decline on the day.