Senate to Probe Surge in Natural Gas Prices.

Oil Daily, The, December, 2003 by Tom Haywood

WASHINGTON -- Natural gas traders have been at a loss to explain the surge in gas futures in recent weeks -- punctuated by a 63cents surge past $7.20 per million Btu Friday -- but the US Senate will soon be seeking answers.

Sen. Orrin Hatch (R-Utah), the chairman of the Senate Judiciary Committee, said Friday he will hold hearings next month into whether the latest spike in US natural gas prices was caused by price fixing among energy firms and traders or some other illegal activity.

"Natural gas is so critical to US consumers and the economy that if someone has been manipulating this market, they should go to jail," Hatch said in a statement. "I feel we must determine once and for all if these price surges are the result of market forces or if there...