Gas-producing wells are declining faster than previously believed in the U.S. and western Canada, but industry observers at a recent gas conference in Houston remain optimistic that more gas can be found. From eastern Canada to the Gulf of Mexico's ultradeep gas wells, to the Rockies and Alaska, more gas is coming and the question is, how much and how soon? All agreed that the supply-demand balance will be tight in the next few years. Because the supply response will be "lumpy" rather than smooth, price volatility will remain a problem for producers and end-users. Minerals Management Service director Johnnie Burton announced at the conference that the MMS has increased its Gulf deep-shelf resource estimates by a stunning 175%.
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