Abstract
ABSTRACT As the country uses its reserves of natural gas, it will need to continually replenish them if production is to be maintained. The outlays associated with this continuing search, development and production of new reserves is defined as "replacement costs." Thus, the replacement cost of natural gas is the minimum selling price a firm must receive to recover its costs and to achieve a reasonable return on capital. This paper estimates the range of natural gas replacement costs to the year 2010 and measures the uncertainty associated with these estimates due to the size of the underlying resource base, new unconventional gas extraction technologies, and the rate of domestic gas production.
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