NEW YORK -- Foreign investment in U.S. natural gas got off to a heady start this year when China's Sinopec and France's Total SA dumped billions into formations in Ohio, Michigan and the Gulf Coast. But now that the price of gas has tanked and reserve estimates have been modified, some financial analysts are wondering whether the companies paid too much for stakes in reservoirs that have yet to produce.

Last summer, New Mexico public utilities Commissioner Jerome Block Jr. (D) stopped at a local convenience store and purchased two chimichangas, some cigarettes, Gatorade and gasoline. While fairly trivial, the purchase was one of a number that Block made throughout the summer using state-issued gas cards that had been issued to him and other employees of the state Public Regulation Commission.

As the Senate Finance Committee moved through a markup of its revenue package for the surface transportation bill earlier this week, Sen. Mike Enzi made a declaration that caused more than a few jaws to drop: He wanted to raise the gas tax.