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Natural Gas Resources

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Home > Teaching Business English > Business English Lessons, Advanced Level # 154

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Alan Greenspan (June 2003) states that in recent months, in response to very tight supplies, prices of natural gas have increased sharply.

Correct answer: (d) tight

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Working gas in storage is currently at very low levels relative to its seasonal norm because of a colder than average winter and a seeming inability of increased gas well drilling to significantly augment net marketed production.

Correct answer: (d) a seeming

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Canada, our major source of imported natural gas, has had little room to expand shipments to the United States, and our limited capacity to import liquefied natural gas (LNG) effectively restricts our access to the world's abundant supplies of gas.

Correct answer: (b) little room

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Our inability to increase imports to close a modest gap between North American demand and production is largely responsible for the marked rise in natural gas prices over the past year.

Correct answer: (a) close

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Competitive crude oil prices, after wide gyrations related to the war in Iraq, are now only slightly elevated from a year ago, and where spot markets for natural gas exist, prices exhibit little change from a year ago.

Correct answer: (a) gyrations

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Today's natural gas markets have been a long time in coming, and futures prices suggest that we are not apt to return to earlier periods of relative abundance and low prices any time soon.

Correct answer: (b) apt

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It was little more than a half-century ago that drillers seeking valuable crude oil bemoaned the discovery of natural gas.

Correct answer: (a) bemoaned

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meaning of illegible, propel, epizootic, embolden, trait, aqueous

Given the lack of adequate transportation, wells had to be capped or the gas flared.

Correct answer: (a) capped

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Natural gas consumption by 1970 had risen to three-fourths of that of oil, but its consumption lagged in the following decade because of competitive incursions from coal and nuclear power.

Correct answer: (c) incursions

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Increased marginal supplies from abroad, while likely to notably damp the levels and volatility of American natural gas prices, would expose us to possibly insecure sources of foreign supply, as it has for oil.

Correct answer: (a) damp

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