Abandonment also closes off access to the resource and eliminates the potential use of new technologies that would recover additional, significant quantities of these resources. There are millions of barrels of oil and trillions of cubic feet of natural gas that are trapped underground and cannot just be left behind. New technologies and lower costs are keys to untrapping these valuable resources. Affordable energy is necessary to sustain continued growth of the nation's economy and quality of life. For example, natural gas will play an important role, particularly, as it helps the nation meet its environmental goals.
All forecasts indicate a dramatic increase in the United States gas demand.
Which is likely to reach 29 Tcf in the year 2010 and 31 Tcf in the year 2015. Further, the resource base exists to support the indicated levels of future demand and adequate gas supplies can potentially be produced to meet that market. Although market confidence has grown and technology has improved the state of the industry, recent events have led to questions about the industry's ability to meet the demand for the growth potential of natural gas. The downturn in world oil prices beginning in 1997 and early 1999 dealt a heavy blow to the exploration and production sectors of the United States gas industry. Particularly to the oil field supply and service contractors and the independent producers who, as I said before, supply over half of the nation's natural gas.