Eight years ago, a group of companies led by Kinder Morgan Energy Partners began building a $6.8 billion pipeline to carry natural gas from America’s Rocky Mountains to fuel-hungry markets in the East. Then came the shale gas revolution. The eastern U.S. is now home to the country’s most productive formation, the Marcellus, and the 1,698-mile Rockies Express is carrying lower-cost gas in the opposite direction. On Aug. 1, the pipeline was partially reversed, shrinking the market for Colorado and Wyoming drillers who’ve seen their share prices fall as much as 93 percent from 2008 highs. The burgeoning supply from Pennsylvania and West Virginia has transformed the U.S. gas market, redirecting pipeline flows and sending prices plummeting. Output from the Niobrara shale formation in Colorado and Wyoming has dropped 12 percent from an all-time high in 2012 as production from the region competes with the Marcellus, where output is […]