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In addition to a potential oil crisis, the U.S. also faces a natural gas shortage. Supplies have reached critical levels (lowest since 1976) and may not be adequate to meet demand during a hot summer. The U.S. Energy Secretary, Spencer Abraham, called an emergency meeting of the National Petroleum Council in June to address this urgent but less publicized issue. Prices have reportedly increased as much as 700% over the last three years.
“No company, no industry, no consumer can absorb a threefold increase in major raw material prices and continue to compete in the global marketplace,” said Greg Lebedev, president of the American Chemistry Council, the largest industrial users of natural gas. Natural gas supplies and prices affect several industries, from steel to petrochemicals.
Source: The Financial Times