Figure FE3. 1979 Projections and Actual Historical Prices for Natural Gas, 1978-1994

   Notes: EIA was one of several forecasting organizations that projected substantial increases in natural gas prices throughout the 1980s and into the 1990s. The wellhead price of natural gas is calculated by dividing the total reported value at the wellhead by the total quantity produced, as reported by the appropriate State and Federal agencies. All prices were standardized into 1987 dollars using price deflators from the Bureau of Economic Analysis, U.S. Department of Commerce. The 1994 actual natural gas price is based on EIA estimates.

   Sources: EIA projection: Energy Information Administration, Annual Report to Congress 1979, DOE/EIA-0173(79)/3 (Washington, DC, 1979). Actual: Energy Information Administration, Annual Energy Review 1994, DOE/EIA-0384(94)(Washington, DC, July 1995).