Dot Earth's Andrew C. Revkin summarized it best in his account of President Obama's Keystone XL pipeline decision: "How did oil markets react? Zz.z.zz."
"Natural gas prices fell to levels not seen in a decade after a government report showed weak demand and high supplies.
The price of natural gas slid 6.1 percent to $2.32 per 1,000 cubic feet Thursday after the Energy Department said the nation's supplies were 21 percent above the five-year average. It's the lowest price since February of 2002.
Supplies have been growing in recent years as drillers have learned to use a controversial drilling technology called fracking to tap vast reserves of natural gas trapped in shale formations under several states. Extreme weather during the last two summers and winters pushed demand for the fuel higher and kept prices from falling sharply."
Jonathan Fahey reports for the Associated Press January 19, 2012.
SEE ALSO:
"Obama’s Pipeline Move: Something for Everyone" (Dot Earth)
"MARKET WATCH: Mild Weather Drops Gas Prices; Oil Strengthens" (Oil & Gas Journal)
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