Sempra Energy says high gas prices likely to hit long-term demand - MarketWatch

DARWIN, Australia (MarketWatch) -- Higher gas prices will likely cause a fall in demand in the long term but to date there is no sign of a drop in use, Sempra Energy (SRE), the U.S.' biggest gas company, said Tuesday.
"In the longer term I'm sure you will see some demand destruction," Sempra's senior vice president of gas operations, Lee Stewart, said in a presentation to the annual South East Asia Australia offshore conference in Darwin, Australia. "On a short-term basis I don't think it's had a big impact yet.
Stewart said gas prices for the company's major customers had doubled since the mid-1990s.
"Higher gas prices cannot be avoided unless new economic supplies are brought on," he said.
Sempra said that while individual gas demand was falling due to better-quality appliances, Sempra's overall product distribution was rising and it is managing to add about 75,000 customers a year.
-By Matt Chambers, Dow Jones Newswires;
61-3-9671-4313; matt.chambers®dowjones.com