Success Breeds Slowdown for U.S. Gas Boom: Federal Reserve
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The U.S. natural gas boom has eased up slightly, a temporary victim of its own success. The trillions of cubic feet of the fuel trapped in shale rock formations is too cheap right now to make more businesses want to drill.
A report today from the Federal Reserve shows production of oil and gas wells fell 1.2 percent in November, the fifth consecutive decline. The monthly measure hasn’t dropped that many times in a row since the recession was wrapping up in 2009.