SUPPLY: The Direst Fears Disappear

During last January's Big Freeze, it seemed that the weather would never warm up fast enough to save the nation from a series of natural-gas emergencies. As fuel shortages forced the closing of many schools and factories, industry officials expressed fears that their underground reservoirs were being depleted so rapidly that they could not be built back to normal during the summer—dooming the U.S. to another shortage next winter.

Now those fears have faded. As the weather in much of the nation turned milder in February, then downright summery in March and April, demand for natural gas fell. The Emergency Natural...

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