NATIONAL FUEL GAS COMPANY	EXHIBIT 12.1
COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
UNAUDITED

	Fiscal Year Ended September 30,
		2008			2007			2006			2005			2004
EARNINGS:
Income from Continuing Operations	$	268,728		$	201,675		$	184,614		$	138,437		$	141,920
Plus Income Tax Expense		167,922			131,813			108,245			85,621			89,820
Less Investment Tax Credit (1)		(697	)		(697	)		(697	)		(697	)		(697	)
(Less Income) Plus Loss from Unconsolidated Subsidiaries (3)		(6,303	)		(4,979	)		(3,583	)		796			(805	)
Plus Distributions from Unconsolidated Subsidiaries		8,280			1,613			4,651			1,990			785
Plus Interest Expense on Long-Term Debt		70,099			68,446			72,629			73,244			82,989
Plus Other Interest Expense		3,870			6,029			5,952			9,069			6,354
Less Amortization of Loss on Reacquired Debt		(1,156	)		(1,119	)		(1,118	)		(1,066	)		(1,350	)
Plus (Less) Allowance for Borrowed Funds Used in Construction		2,100			374			296			201			298
Plus Rentals (2)		2,229			2,685			2,810			3,554			4,286
	$	515,072		$	405,840		$	373,799		$	311,149		$	323,600
FIXED CHARGES:
Interest & Amortization of Premium and Discount of Funded Debt	$	70,099		$	68,446		$	72,629		$	73,244		$	82,989
Plus Other Interest Expense		3,870			6,029			5,952			9,069			6,354
Less Amortization of Loss on Reacquired Debt		(1,156	)		(1,119	)		(1,118	)		(1,066	)		(1,350	)
Plus (Less) Allowance for Borrowed Funds Used in Construction		2,100			374			296			201			298
Plus Rentals (2)		2,229			2,685			2,810			3,554			4,286
	$	77,142		$	76,415		$	80,569		$	85,002		$	92,577
RATIO OF EARNINGS TO FIXED CHARGES		6.68			5.31			4.64			3.66			3.50

(1)	Investment Tax Credit is included in Other Income
(2)	Rentals shown above represent the portion of all rentals (other than delay rentals) deemed representative of the interest factor.
(3)	Fiscal 2005 includes the Impairment of Investment in Partnership of $4,158.