Surprised supplies are not cutting back.  I doubt if they are making money at these levels.  

Source: EIA Source: EIA

Given this background, we circle back to the question of whether or not robust gas production is sustainable. It partly depends on oil and NGL prices. If those fall significantly (NGL prices have fallen in recent months), gas production will decline. But perhaps more importantly, wet and associated plays may not offer sufficient production to satisfy the expanding gas demand in North America. If that is the case, most dry gas wells will need prices between $2.70 and $3.20 to be profitable. Thus, producers of dry gas likely can't keep financing new drilling, which means gas prices must rise above the $3.00 barrier to attain enough production to meet demand.