The U.S. natural gas market is about to do something many experts thought impossible just last year: experience a sharp increase in price. The Organization of Petroleum Exporting Countries (OPEC) has injected considerable volatility into the energy market since many of its members declared that they would voluntarily restrict production in an attempt to rebalance the global market, and along the way, raise crude prices.

The global price of crude has implications for U.S. natural gas production and prices, but the relationship is not well understood. While gas prices exert little impact on the global price of crude, the global price of crude has a significant impact on gas production, thus the U.S. natural gas price.

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