US gas production has soared as strong prices push rig counts and permits to new highs, analysts say.rn"Commodity prices continue to ride on a one-way ticket, which has resulted in a surge in US drilling activity," said David Adams, vice president of Jefferies & Co.rnIn late June, Baker Hughes reported that the US drilling rig count reached a new multi-decade high of 1,913, he noted, with gas rig counts topping their prior highs in August 2007. "We would not be surprised to see the number of gas rigs continue to inch higher as natural gas prices continue to soar," Adams said.rnWhile NYMEX gas prices tumbled more than a dollar this week, they are still roughly double what they were last summer, when the prompt-month contract was trading near $6.50/MMBtu.
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