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Natural gas prices surge nearly 3 pct. on possibility of further production cut

The Washington Post -- NEW YORK — The price of natural gas is climbing after a major producer said it may increase U.S. production cuts this year.

Chesapeake Energy Corp. said Thursday that it may cut production by up to a billion cubic feet per day, twice the amount that the company announced in January.

Natural gas futures jumped by 6 cents, or 2.4 percent, to $2.51 per 1,000 cubic feet in New York.

Benchmark crude prices also rose, by $1.26 to $99.97 per barrel in New York. Brent crude rose by 88 cents to $118.08 per barrel in London.

Retail gasoline prices rose by less than a penny to a national average of $3.49 per 1,000 cubic feet.

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Submitted Feb 09, 2012 By: TruthMatters

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RedRam2005 Champion Author San Antonio Posts:6,168 Points:1,160,160 Joined:Dec 2007	Message Posted: Feb 10, 2012 10:21:50 AM Ignore RedRam2005 Report Abuse more speculation to raise price...such a deal
roadrunnin Champion Author Richmond Posts:1,317 Points:370,240 Joined:May 2008	Message Posted: Feb 10, 2012 12:18:31 AM Ignore roadrunnin Report Abuse we certainly can't have people being able to get ahead a little on their bills now can we. Not that I really expect consumers to have seen any reduction in bills.
davenles Champion Author Texas Posts:1,391 Points:358,510 Joined:May 2011	Message Posted: Feb 9, 2012 10:07:22 PM Ignore davenles Report Abuse Hopefully not a sign of more to come.
BBopp Champion Author Dayton Posts:5,453 Points:1,679,530 Joined:Dec 2006	Message Posted: Feb 9, 2012 8:05:28 PM Ignore BBopp Report Abuse When will we ever catch a break? Next thing the speculators will dive in.
bandannaman Champion Author New Jersey Posts:1,149 Points:224,645 Joined:Dec 2010	Message Posted: Feb 9, 2012 6:23:13 PM Ignore bandannaman Report Abuse Manipulated supply now.
shores4now All-Star Author Kentucky Posts:548 Points:162,725 Joined:Jul 2009	Message Posted: Feb 9, 2012 3:56:54 PM Ignore shores4now Report Abuse ok
qwerty17 Champion Author New Jersey Posts:2,052 Points:774,075 Joined:Oct 2009	Message Posted: Feb 9, 2012 3:29:41 PM Ignore qwerty17 Report Abuse artificial surge. ng is over-plentiful.
RochBear Champion Author Minnesota Posts:9,118 Points:1,517,805 Joined:May 2006	Message Posted: Feb 9, 2012 3:15:24 PM Ignore RochBear Report Abuse And some people want to convert our automobiles to run on Natural gas. That's just going from one fry pan to another. We need to get to a fuel (electricity) which can be produced from many sources.
Jeff1944 Champion Author South Dakota Posts:3,484 Points:775,305 Joined:Jan 2010	Message Posted: Feb 9, 2012 3:07:18 PM Ignore Jeff1944 Report Abuse Supply and demand working?
TheThorn Sophomore Author South Carolina Posts:171 Points:600,285 Joined:Sep 2008	Message Posted: Feb 9, 2012 2:53:40 PM Ignore TheThorn Report Abuse based on supply and demand: they have the supply and are demanding we pay more and more for it.
LQQKGAS Champion Author Phoenix Posts:1,482 Points:852,045 Joined:Oct 2009	Message Posted: Feb 9, 2012 2:50:33 PM Ignore LQQKGAS Report Abuse We need to have the politicians pass more stupid laws, like gas prices can only rise based on actual fact and not just on a maybe or possibility!
tnfran Champion Author Arizona Posts:2,566 Points:496,740 Joined:Dec 2010	Message Posted: Feb 9, 2012 2:42:16 PM Ignore tnfran Report Abuse The Oil Baron thieves at it again because the profit margin isn't enough already????
BuckyTJones Champion Author Salt Lake City Posts:3,127 Points:689,210 Joined:Mar 2010	Message Posted: Feb 9, 2012 2:14:48 PM Ignore BuckyTJones Report Abuse deja-vue Where have I seen this before? Could it have been the Diesel and Propane fuels? Will we ever win?
kress999 Sophomore Author Alabama Posts:214 Points:249,720 Joined:May 2011	Message Posted: Feb 9, 2012 1:55:41 PM Ignore kress999 Report Abuse Sounds like CEC is working to ensure it price is not undermined by it productivity
wildddkattt80 Champion Author Phoenix Posts:1,528 Points:281,495 Joined:Jun 2011	Message Posted: Feb 9, 2012 1:11:21 PM Ignore wildddkattt80 Report Abuse Just like the other ones, once they know people are using it, they raise the prices.
Venzadriver Champion Author Florida Posts:1,028 Points:290,150 Joined:Dec 2010	Message Posted: Feb 9, 2012 1:10:54 PM Ignore Venzadriver Report Abuse Any excuse to raise prices.