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WASHINGTON, DC, June 12, 2003 -- Secretary of Energy Spencer Abraham and the National Petroleum Council will host a Natural Gas Summit on June 26, 2003 at the Mayflower hotel in Washington, D.C., to discuss problems and solutions, and identify those actions that can be taken immediately to ease short-term supply constraints.
The Natural Gas Summit will bring together representatives from consumer groups, industry, and state and local governments, along with experts in energy efficiency and conservation, for open discussion on this issue.
"Our current stocks of natural gas in underground storage are unusually low due to a combination of cold weather in the Northeast and Mid-Atlantic regions this past winter, and declines in both domestic production and net imports," Secretary Abraham said.
"As a result, I asked the National Petroleum Council to conduct a wide-ranging and comprehensive study of natural gas in the United States during the 21st century. But in my view, we cannot wait until the late fall to take action on the more immediate problems we face."
Friday, the Energy Information Administration released its short-term energy outlook, forecasting natural gas prices to remain above average.
"EIA has again noted that the nation's stocks of natural gas in underground storage are unusually low," Secretary Abraham said. "Industry is already responding by increasing storage rates, marked this week by a record storage injection, but a hot summer could increase demand for natural gas and exacerbate the problem."
Secretary Abraham will deliver the keynote address, Daniel Yergin will give an overall natural gas outlook and three panels will discuss possible short-term solutions.
Following are the details of the Natural Gas Summit:
WHAT:
National Petroleum Council Natural Gas Summit
WHO:
Secretary of Energy Spencer Abraham, Undersecretary of Energy Robert Card, Daniel Yergin, President, Cambridge Energy Research Associates and Energy Information Administration Administrator Guy Caruso, the industry, consumers, regulators, and state and local governments
WHERE:
Mayflower Hotel, Stateroom, 1127 Connecticut Ave., NW, Washington, D.C.
WHEN:
Thursday, June 26, 2003, 9:00 a.m. - 4:00 p.m.
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