Source: World Energy Council

Iran has the largest reserves of natural gas followed by the US and Kuwait.

In Gas Supplies Growing Even as Prices Fall, the Journal states:
“Energy companies started predicting a sharp cutback in the amount of natural gas pumped in the U.S. more than a year ago.

But even though gas prices now hover 30% below a year earlier, the promised reduction never came. And this week, two major natural-gas companies reported big increases in production, while a third, Devon Energy Corp., announced that its new East Texas well was yielding 31 million cubic feet of gas a day, one of the most prolific U.S. wells this year.

As a result, storage facilities are brimming with record gas supplies, and prices are likely to remain soft. The closing price Tuesday was $4.922 per million British thermal units, down 32% from $6.838 a year ago. In July 2008, the price was over $13. ”

US Natural Gas Production and Rigs Count

Source: WSJ