Enron Gov't Affairs provided this report on the Energy and Natural Resources 
hearing on Natural Gas markets held this morning.  Please note the suggestion 
that we provide a list of any specific items that we would like to see added 
to energy policy legislation:

Witnesses from the Energy Information Administration, American Gas 
Association, Natural Gas Supply Association and National Association of State 
Energy Officials (NASEO) each testified that gas prices are high because 
demand is greater than supply.
Basically, the hearing provided an opportunity for Western State Senators to 
complain about policies that restrict E&P activity - especially on federal 
lands.  Sen. Murkowski will probably introduce a supply oriented bill in the 
next Congress.
The bottom line is that a number of Senators are deploring the lack of a 
National Energy Policy and seem intent on doing something to rectify such 
omission.  
One specific area of interest of Senator Bingaman seemed to be the need to 
create incentives to encourage pipleine investment.  He seemed especially 
interested in the need for long term contracts to back development
Given that there may be interest to pass Energy Policy legislation, it may be 
worthwhile to put together a wish list of items that affect our bottom line, 
such as accelerated depreciation provisions, tax credits, etc.