Out of Line
This chart shows the variance between the spot price of natural gas in the Permian basin, where the gas was produced, and the California power market, where it was sold. The two prices track each other closely until mid-2000 and mid-2001, when California was grappling with its energy prices.
Source: August 13, 2002, report by staff of the Federal Energy Regulatory Commission;
Published in The Houston Chronicle, page 14A, August 14, 2002