Natural Gas Industry Slow to Apply Brakes

Natural gas prices are about a third of what they were last summer, and oil and gas companies are cutting their capital spending to the bone. But it

This comes despite a plummeting number of rigs and dwindling industrial demand for gas due to the current economic slowdown. The abundance of the gas output reflects the fact that new shale wells are extremely productive in their first year or two, and it means that it could take several more months for the price of gas to rebound as production slows and balances with reduced demand.

NY Times