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Credit Pacific Service Union Federal Reserve Chairman Alan Greenspan said Thursday that high natural gas prices and shortages are hurting some industries, and he predicted lost jobs if prices don't recede and companies lose business to foreign competitors.

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Credit First Service Union But Greenspan, testifying at a Senate hearing, said the natural gas crunch has not had significant impact so far on the overall economy.

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Card Credit Mobile Service That could change, he suggested when pressed by several senators, if gas supplies continue to lag behind growing demand and prices remain high, as many economists expect.

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Card Credit Discover Service ``To date the damage is still quite minimal,'' Greenspan told the Energy and Natural Resources Committee. He acknowledged that petrochemical companies, especially ammonia and fertilizer makers, are being hit hard.

Credit Public Service Union While manufacturing sectors have yet to be significantly affected, said Greenspan, profit margins of many companies ``have been squeezed'' by the higher energy costs. Households will be hit by ``significantly higher bills'' this winter, possibly having broader economic implications, he warned.

Full Members may purchase Credits by credit card, or by paying cash in accordance with our pricing policy for Credits as posted on the Service from time to time. c. In addition to paying the published price for Credits, the purchaser is responsible for paying all applicable taxes in connection with the purchase of the Credits. We reserve the right to change our pricing policy at any time at our sole discretion. We also reserve the right to change the method or manner in which we charge members for Credits, or the method of payment which is acceptable to us, at our sole discretion.

Card Credit Processing Service Sen. Pete Domenici, R-N.M., chairman of the energy panel, said he saw little that the federal government could do in the short term to ease the problem, and Greenspan agreed.

Center Credit Service Union ``Today's tight natural gas markets have been a long time in coming and distant futures prices suggest that we are not apt to return to earlier periods of relative abundance and low prices anytime soon,'' Greenspan said. He noted that futures markets are predicting gas at $4.50 per 1,000 cubic feet into 2009.

Card Credit Service Wireless Wholesale gas prices climbed to $6.58 per thousand cubic feet last week, more than double what they had been last year. While declining somewhat, the price of gas for delivery in August was still $5.51 on the New York Mercantile Exchange on Wednesday.

Credit Security Service Union The wholesale price of natural gas averaged about $3 per thousand cubic feet last year; not so long ago it fluctuated around $2 per thousand cubic feet.

Credit Report Service The industries hardest hit by the recent price increases are those that have depended on low gas prices as part of their investment and production strategies, economists say.

Blogspot Com Christian ``The perceived tightening of long-term demand-supply balances is beginning to price some industrial demand out of the market,'' said Greenspan. ``It is not clear whether those losses are temporary, pending a fall in price, or permanent.''

Christian Counseling Credit ``We do see the obvious loss of jobs that will go with the inevitable movement of gas-producing capacity to foreign shores because it has made us largely uncompetitive in a number of industries in which gas is a critical input,'' said Greenspan.

Credit Federal Service Union But he added, that hasn't happened yet.

Credit Monitoring Service As he has in the past, Greenspan called for an expansion of imports of liquefied natural gas to create an ``ultimate safety valve'' that would ease gas price volatility caused by tight supplies.

Credit Division Service Higher prices, however, are expected to spur production and increase interest in building an Alaska pipeline, freeing large amounts of gas now penned up on the state's North Slope, Greenspan suggested when pressed on the issue by Sen. Lisa Murkowski, R-Alaska.

Card Credit Online Service An energy bill now before the Senate would provide tax breaks and price supports for a pipeline and Alaska gas. Greenspan, however, stopped short of endorsing such government help, saying foreseeable gas prices should support private investment in such projects.

Consumer Counseling Credit Inc Meanwhile, the amount of natural gas in storage continued to increase at an unusually brisk pace, although stocks remain 15 percent lower than the recent five-year average, according to the Energy Department.

Card Credit Fleet Service Last week, an additional 111 billion cubic feet of gas was put into storage, twice the amount injected normally this time of year.

Card Consolidation Credit ``We had a very good June in terms of building up (stocks) ... but there's still a lot of ground to make up to reach the 3 trillion cubic feet (storage) goal that we want to reach by Nov. 1'' in preparation for winter, said Energy Secretary Spencer Abraham in a telephone interview from Columbus, Ohio, where he was promoting energy conservation. He made similar pitches near New York, Philadelphia and Milwaukee this week, hoping to ease natural gas demand this summer.

Credit Free Online Report With the utilities relying heavily on natural gas to produce electricity, officials know that the recent buildup of stocks could largely disappear with the hottest summer days still ahead.

Credit Federal First Service Separately, House leaders announced the creation of a natural gas task force Thursday to try to find ways to ease the problem, which could reach a critical stage in the middle of winter early next year -- also, by the way, an election year.

Consumer Credit Service Associated Press - 7/10/2003

Topic: Petroleum Industry

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