Here's a short article on Nasty Gas prices.
$2 Nat Gas Not Likely To Prompt Production Cuts
Published: Apr 11, 2012
(Dow Jones) Will natural gas falling below $2/MMbtu finally get producers to stop pumping so much of the stuff? Not really, says Adam Bedard of Bentek. There are thousands of wells out there that have been drilled and require just a little more investment to bring online. $2 gas isn't enough to change anyone's mind. "It's very cheap to bring those onstream," Bedard says. "If gas is $1.50, you still want to do it." These wells fall broadly into three categories: those that need to be "fracked," those that need a pipeline hook-up and those that require processing capability.
So, sounds like $1.50 isn't very "far fetched" at all !!!!