After Chevron posted a 71% decline in 2Q profits, Chevron has decided to to put is entire land based natural gas drilling operation on hold. Chevron's executive VP for global upstream is quotes as saying "By the end of the year, we will not have a single gas land drilling rig running."
If demand does in fact pick up 4Q09 and 1Q10, and if some of the big gas players throw in the towel, maybe the big storage accumulation will fix itself.
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