The nation’s natural gas reserves continued to climb last year despite less drilling and falling prices for the fuel, the American Gas Assn. said Monday.
Michael German, an AGA vice president and the association’s chief economist, said the unexpected reserve additions indicate that consumers will continue to have a price-depressing surplus of gas until 1990 unless there is a sudden upsurge in demand for the fuel.
In the decade before the government began partially decontrolling natural gas prices in 1979, the nation was replacing through reserves less than half as much gas as it was using every year.
In the last five years, according to preliminary findings in an AGA study, reserve additions have averaged more than 96% of production.