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Gas Prices Doomed to Stay Low as Producers Pump Faster

Bloomberg -- Gas producers in North America including Chesapeake Energy Corp. (CHK) are killing their commodity’s biggest rally in 10 months by opening more wells, putting the U.S. on track to have record gas supplies this year.

After a 44 percent price rise beginning Sept. 10, the fuel began a slide Oct. 30, falling 9.2 percent by Nov. 12 as stockpiles swelled to an all-time high this month, valued at about $15 billion using the current spot price. Gas production in 2013 is expected to match this year’s record level, the U.S. Energy Information Administration forecast this month.

The rebound stalled as Chesapeake, the second-biggest U.S. producer, and rivals added output in areas such as the Marcellus Shale in Pennsylvania. ConocoPhillips and Encana Corp. (ECA) brought back curtailed output.

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Submitted Nov 15, 2012 By: aservant

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Hemond Champion Author Providence Posts:8,496 Points:136,115 Joined:Oct 2006	Message Posted: Nov 18, 2012 10:35:34 AM Ignore Hemond Report Abuse QUOTE :::Doesn't that imply that they would have to be already low? What planet is this author living on? Gas prices haven't been "low" for several years.""" The story is about natural gas not gasoline. Natural gas is indeed cheap. I heat my house for pocket change.
Radicalrose Sophomore Author Modesto Posts:129 Points:381,305 Joined:Apr 2011	Message Posted: Nov 18, 2012 10:16:23 AM Ignore Radicalrose Report Abuse Central Valley Calif. JUMPED UP 20Cents.........over nite less than 12 hrs.......
honda0105 Champion Author Tallahassee Posts:18,828 Points:1,637,220 Joined:Nov 2008	Message Posted: Nov 18, 2012 7:32:50 AM Ignore honda0105 Report Abuse wished the same was true for gasoline and especially diesel prices.
ateamfan42 Sophomore Author Maine Posts:102 Points:375,735 Joined:Aug 2011	Message Posted: Nov 16, 2012 8:44:16 AM Ignore ateamfan42 Report Abuse "Doomed to Stay Low" Doesn't that imply that they would have to be already low? What planet is this author living on? Gas prices haven't been "low" for several years.
blupupher Champion Author Houston Posts:3,695 Points:775,745 Joined:Feb 2011	Message Posted: Nov 16, 2012 8:21:46 AM Ignore blupupher Report Abuse and this is a bad thing?
virostek Veteran Author Virginia Posts:423 Points:90,285 Joined:Oct 2012	Message Posted: Nov 16, 2012 7:09:00 AM Ignore virostek Report Abuse interesting.
Hemond Champion Author Providence Posts:8,496 Points:136,115 Joined:Oct 2006	Message Posted: Nov 16, 2012 5:22:44 AM Ignore Hemond Report Abuse Last year I spent somewhere around $500 to $700 to heat my house, I would have spent $3000 on oil before switching to natural gas.
WalkingWV Champion Author West Virginia Posts:3,754 Points:788,060 Joined:May 2008	Message Posted: Nov 16, 2012 1:00:21 AM Ignore WalkingWV Report Abuse 20 cent jump for gas today.
boatfloyd Champion Author Jacksonville Posts:1,858 Points:415,675 Joined:Mar 2012	Message Posted: Nov 16, 2012 12:07:33 AM Ignore boatfloyd Report Abuse Drill Baby Drill.
MadTraveler Champion Author Idaho Posts:2,082 Points:572,100 Joined:Nov 2009	Message Posted: Nov 16, 2012 12:04:14 AM Ignore MadTraveler Report Abuse No trust
rahcat Champion Author Grand Rapids Posts:2,681 Points:689,900 Joined:Jan 2010	Message Posted: Nov 16, 2012 12:03:15 AM Ignore rahcat Report Abuse Time will tell.
jcpatriots Champion Author Massachusetts Posts:3,971 Points:623,270 Joined:Sep 2011	Message Posted: Nov 16, 2012 12:01:27 AM Ignore jcpatriots Report Abuse mstearno, give me a break...
stpatrickbday Champion Author Albuquerque Posts:1,668 Points:593,625 Joined:Mar 2011	Message Posted: Nov 16, 2012 12:00:58 AM Ignore stpatrickbday Report Abuse Just another excuse to raise gas prices.
mstearno Champion Author Dayton Posts:8,174 Points:1,755,920 Joined:Jan 2008	Message Posted: Nov 15, 2012 11:57:24 PM Ignore mstearno Report Abuse OMG this is the new low?? just like unemployment under 10 % is good thanks OBAMA
frostyWV Champion Author West Virginia Posts:2,339 Points:519,235 Joined:May 2011	Message Posted: Nov 15, 2012 11:56:51 PM Ignore frostyWV Report Abuse good
nemoFL Champion Author Florida Posts:8,936 Points:1,637,000 Joined:Oct 2008	Message Posted: Nov 15, 2012 11:56:21 PM Ignore nemoFL Report Abuse ok
THX138 Champion Author San Francisco Posts:2,650 Points:1,037,955 Joined:Apr 2010	Message Posted: Nov 15, 2012 11:55:47 PM Ignore THX138 Report Abuse Can you say $6 a gallon gas?
vibdata Champion Author Massachusetts Posts:4,181 Points:866,235 Joined:Nov 2005	Message Posted: Nov 15, 2012 11:54:45 PM Ignore vibdata Report Abuse HUH? Try going to LI and tell this to someone. Hey are you related to that guy who tries to run NYC?
Dragnet Champion Author Arizona Posts:15,548 Points:2,934,510 Joined:Jul 2004	Message Posted: Nov 15, 2012 11:53:59 PM Ignore Dragnet Report Abuse Right!
repeater1 Champion Author Topeka Posts:8,437 Points:2,392,525 Joined:Oct 2005	Message Posted: Nov 15, 2012 11:53:25 PM Ignore repeater1 Report Abuse Not surprising
Jmac2008 Champion Author Missouri Posts:2,411 Points:907,865 Joined:Dec 2008	Message Posted: Nov 15, 2012 11:53:22 PM Ignore Jmac2008 Report Abuse and yet prices went up again on Monday
fenster66 Champion Author Pittsburgh Posts:3,485 Points:700,815 Joined:May 2011	Message Posted: Nov 15, 2012 11:53:18 PM Ignore fenster66 Report Abuse I'm still waiting to see prices below $3 a gallon....
jrsva Champion Author Virginia Posts:9,999 Points:1,639,950 Joined:Jan 2006	Message Posted: Nov 15, 2012 11:48:01 PM Ignore jrsva Report Abuse It seems that the majority of folks here misread “gas” to mean gasoline rather than natural gas, which is the subject of this article. And the word “doomed” was used because it was written from the perspective of the producers, who are damaging their profits by over producing. Read carefully before commenting.
nru Champion Author Twin Cities Posts:1,950 Points:1,010,795 Joined:Feb 2006	Message Posted: Nov 15, 2012 11:46:22 PM Ignore nru Report Abuse Does the DeBeers corporation ring a bell?
ACTown Champion Author Oregon Posts:2,353 Points:1,450,925 Joined:Jun 2007	Message Posted: Nov 15, 2012 11:40:29 PM Ignore ACTown Report Abuse they control the price and production.
TheSnowstorm Champion Author Montreal Posts:8,724 Points:1,939,155 Joined:June 2005	Message Posted: Nov 15, 2012 11:40:08 PM Ignore TheSnowstorm Report Abuse Not here. We are in the process of spiking from $1.244/litre to an average of $1.424/lire, a jump of 18 cents/litre (or 68 cents/US gal). his is one of the highest jumps that the greater Montreal area has seen in a long time.
OldMoses All-Star Author Atlanta Posts:766 Points:57,925 Joined:Sep 2008	Message Posted: Nov 15, 2012 11:37:53 PM Ignore OldMoses Report Abuse MORE "DOOM" PLEASE!
PetroCrap Sophomore Author Toronto Posts:206 Points:115,570 Joined:Mar 2004	Message Posted: Nov 15, 2012 11:37:40 PM Ignore PetroCrap Report Abuse Whether it's Natural gas or not what I've noticed is that when you put these words, gas and low and price, together in a sentence, there's hardly a mention of Obama, but if one word was changed from low to high, well we all know whose fault it would be, but I guess he only has control of the price when it goes up right??
SteveSeattle All-Star Author Seattle Posts:554 Points:174,085 Joined:Apr 2007	Message Posted: Nov 15, 2012 11:36:58 PM Ignore SteveSeattle Report Abuse Prices will go up again soon... Stop/reduce driving & take public transportation are the ways to beat high gasoline prices.
MG_Sputnik Champion Author Philadelphia Posts:7,434 Points:1,987,595 Joined:Apr 2006	Message Posted: Nov 15, 2012 11:36:36 PM Ignore MG_Sputnik Report Abuse Doomed?
gd83goldwinger Champion Author South Bend Posts:1,428 Points:519,230 Joined:May 2011	Message Posted: Nov 15, 2012 11:36:06 PM Ignore gd83goldwinger Report Abuse Where are these low gas prices. Few last week but then shot up 30 cents by friday last.
DEG Champion Author Las Vegas Posts:17,745 Points:3,519,480 Joined:Jul 2003	Message Posted: Nov 15, 2012 11:34:28 PM Ignore DEG Report Abuse Big Oil/Gas and Big Government will find ways to artificially reduce supply to jack up prices (especially with Obama's re-election).
sent4456 Champion Author Toronto Posts:1,434 Points:2,152,115 Joined:Mar 2006	Message Posted: Nov 15, 2012 11:30:37 PM Ignore sent4456 Report Abuse Wait and see.
bigdipperMS Champion Author Mississippi Posts:1,541 Points:550,130 Joined:Apr 2011	Message Posted: Nov 15, 2012 11:30:33 PM Ignore bigdipperMS Report Abuse The solution to this is more and better utilization of natural gas. The most obvious is converting the transportation fleet to CNG engines as well as some personal autos and trucks. This would probably improve the price of natural gas and lower the price of gasoline (since demand for the one would go up and down for the second). But it is a pipe dream since this Administration will continue to throw every road block they can to stifle the use of hydrocarbons as fuel.
Cashless Champion Author Akron Posts:3,655 Points:761,030 Joined:Apr 2011	Message Posted: Nov 15, 2012 11:27:41 PM Ignore Cashless Report Abuse Don't believe it people.
SavALot Champion Author Virginia Beach Posts:8,618 Points:1,738,435 Joined:Apr 2005	Message Posted: Nov 15, 2012 11:27:39 PM Ignore SavALot Report Abuse Doomed? Wrong choice of words?
Azimuthal Rookie Author Hamilton Posts:32 Points:123,530 Joined:Jan 2012	Message Posted: Nov 15, 2012 11:25:46 PM Ignore Azimuthal Report Abuse This analysis is one sided. Why are prices rising here then?
OGW Champion Author London Posts:5,446 Points:1,558,085 Joined:Sep 2005	Message Posted: Nov 15, 2012 11:25:45 PM Ignore OGW Report Abuse Not according to the so called experts as prices will rise over the winter due to shortages in production, probably fabricated to push up prices.
shari128 All-Star Author Iowa Posts:573 Points:878,665 Joined:Jun 2010	Message Posted: Nov 15, 2012 11:25:38 PM Ignore shari128 Report Abuse We need to see the prices fall again on gas!!
Mr_Bill_W All-Star Author Virginia Posts:581 Points:379,485 Joined:Feb 2012	Message Posted: Nov 15, 2012 11:21:42 PM Ignore Mr_Bill_W Report Abuse Wiskers are you trying to say that there are some participate in this forum who hale from the shallow end of the gene pool who are as result are not the shapes tools in the shade?
Gas4Gore Champion Author Detroit Posts:2,524 Points:444,225 Joined:Jan 2010	Message Posted: Nov 15, 2012 11:15:50 PM Ignore Gas4Gore Report Abuse Oh no!
REKEY Champion Author South Carolina Posts:8,718 Points:1,726,120 Joined:May 2008	Message Posted: Nov 15, 2012 11:15:17 PM Ignore REKEY Report Abuse Why are prices rising here then?
wayoung56 Champion Author Alabama Posts:2,920 Points:845,010 Joined:Oct 2006	Message Posted: Nov 15, 2012 11:14:05 PM Ignore wayoung56 Report Abuse Hmmmmm...
abcdMA Champion Author Worcester Posts:8,052 Points:1,600,730 Joined:Nov 2008	Message Posted: Nov 15, 2012 11:12:00 PM Ignore abcdMA Report Abuse And due to the economy
WhiskersTheCat All-Star Author Austin Posts:881 Points:1,346,925 Joined:Oct 2008	Message Posted: Nov 15, 2012 11:11:44 PM Ignore WhiskersTheCat Report Abuse It's interesting how most people on this board don't know the difference between gas (natural gas) and gas (gasoline that you put in your vehicle). Then they wonder why the article doesn't make sense.
regasaz Champion Author Phoenix Posts:5,779 Points:1,300,035 Joined:Dec 2006	Message Posted: Nov 15, 2012 11:11:19 PM Ignore regasaz Report Abuse Quit reminding me of 4 more years of this Imposter.
LQQKGAS Champion Author Phoenix Posts:2,770 Points:1,222,675 Joined:Oct 2009	Message Posted: Nov 15, 2012 11:09:37 PM Ignore LQQKGAS Report Abuse TXGas Spy is correct: DOOMED! for another 4 years
fieldt Champion Author Lansing Posts:4,055 Points:755,800 Joined:Mar 2011	Message Posted: Nov 15, 2012 11:08:09 PM Ignore fieldt Report Abuse Doomed to stay low? Who writes this stuff?
TXGasPriceSpy Champion Author Fort Worth Posts:7,957 Points:1,499,975 Joined:Sep 2008	Message Posted: Nov 15, 2012 11:06:39 PM Ignore TXGasPriceSpy Report Abuse Four more years!!!!
drz614 Champion Author Harrisburg Posts:2,439 Points:625,320 Joined:Aug 2011	Message Posted: Nov 15, 2012 11:03:20 PM Ignore drz614 Report Abuse preacherjohn: we are exporting our distillate. just wait will gas hits $6 a gallon. hope everyone is ready for 4 ugly years