Word: demand
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...demand for gas, despite its low price, stays relatively low. Then layer on the effects of the recession: gas-intensive industrial production is down 12.8% since this time last year, according to Barclays Capital bank estimates. On top of that, there's weather: this has been a cool summer in much of the U.S., so less natural gas has been burned for electricity to power air-conditioning than in recent years. (Read "America's Untapped Energy Resource: Boosting Efficiency...
...halt production; or flare it - burn it off into the atmosphere. With production decreasing because of low price incentives and a great deal of gas likely being lost from capping wells and flaring gas, the oversupply will not last, and the price will be pushed higher by supply and demand fundamentals. The natural gas futures traded on the New York Mercantile Exchange (NYMEX) imply that natural gas prices will more than double in the next year...
...standard ever since the overwhelmed Pennsylvania oilmen struck their first gusher. Before U.S. drilling began in 1859, "rock oil" (to differentiate it from vegetable oil or animal fat) was sopped up with rags, wrung out and peddled as a cure for everything from headaches to deafness. Spurred by demand for lamp fuel as whale blubber grew scarce, derricks popped up all over Pennsylvania's oil region in the 1860s, although subsequent overproduction drove prices so far down that at one point, a wooden barrel was worth twice as much as the oil it contained, according to Daniel Yergin's definitive...
...pipelines were laid in the Northeast in the late 1870s and early 1880s, the first oil tankers were allowed to pass through the Suez Canal, and the modern shipping system was born. Today crude oil travels in tankers that can carry up to 4 million bbl. With daily world demand at about 85 million bbl., petroleum represents about a third of all international cargo. And even though the commodity is also measured in kiloliters (in Japan) and metric tons (in Russia), thanks to whiskey, the units are always converted to the 42-gal. barrel for trading and selling. (Watch...
...also a way for public health officials to get a handle on how infectious a new influenza like H1N1 might be, how it spreads, and how quickly. That helps them know how much vaccine might be needed, how to distribute it, and when to expect a surge in demand for flu treatments, including antiviral drugs such as Tamiflu and Relenza. It can also help predict when hospitals might become overwhelmed by flu cases, and prepare them to patch up already strained health care resources...