Attached is the CERA report entitled "Drilling Activity Downturn Means Tighter Gas Supply".

 
A short synopsis:

FALLING GAS PRICES TRIGGER ACTIVE RIG COUNT DECLINE

The economic downturn, lower industrial demand, moderate weather, and falling 
gas prices have combined to hit gas-directed drilling activity hard. Gas prices 
briefly fell below $2.00 per MMBtu in October. From a midsummer peak of 1,068 
gas-directed rigs, the US industry active rig count plummeted to 834 by 
November 9 and could fall as low as 700-750. Producers' drilling plans for the 
2002 budget year are already being curtailed.
 
*  The drilling downturn could mean as many as 8,000 fewer gas wells in the 
United States over the next 12 months and 1.5 to 2.0 billion cubic feet per day 
of lost production.

*  The majority of the activity reduction is onshore, but the significant drop 
in Gulf of Mexico shallow shelf drilling will have a huge impact on productive 
capacity.
 
*  Gas supply could be extremely tight once again next year just as the economy 
recovers, and gas demand is expected to rebound with it.