The purpose of this report, “The Energy Policy Act of 2005 and Its Impact on the U.S. Natural Gas Supply/Demand Imbalance,” is twofold. First, the report revisits the findings of a prior 2005 AGF study, “Natural Gas Outlook to 2020”, in light of recent market conditions. Second, and very importantly, the report performs a “gap analysis” that compares the policy scenarios outlined in the 2005 AGF Outlook Study to the potential impacts of the Energy Policy Act of 2005. This analysis measures the progress in implementing policies/regulations that could ease the natural gas supply/demand imbalance and lower energy costs for consumers.