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As Freeze Grips U.S., One Gas Producer Rushes to ‘Open the Taps’

  • Oklahoma natural gas spikes 4,000% in two days due to freeze
  • Small private producer revives old wells to take advantage
relates to As Freeze Grips U.S., One Gas Producer Rushes to ‘Open the Taps’

Photographer: Jacob Ford/Odessa American/AP

Chris Bird first saw the rumors Friday morning on Twitter.

Physical natural gas prices were soaring in Oklahoma amid a cold blast that was gripping much of the U.S. and only stood to get worse. Bird, owner of a small gas producer in Tulsa, called one trader who confirmed the heating fuel was going for a staggering $350 per million British thermal units. Then he called another who said it had risen to $395.