1. If speculators are barred from investing in futures contracts, how will that change Chesapeake’s approach to financial management? (Assume that natural gas distributors and other major customers would still be able to engage in futures contracts from a commodity buyer’s perspective.)

2. Why do you suppose accounting regulations require companies to report paper losses or gains from futures contracts in their financial statements?

3. Should the government continue to allow speculation in natural gas futures as a way to keep developing domestic energy sources, even if it can be proven that speculation contributes to price volatility for producers and customers? Why or why not?