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No, you shouldn't cap a gas pipe with a compression fitting because they aren't designed for gas lines and can pose serious safety risks. Gas pipes require threaded caps that create a secure, leak-proof seal capable of handling gas pressure. Using a compression fitting could lead to dangerous gas leaks—a hazard you definitely want to avoid. 

In North America, pipe measurements are listed as the nominal pipe size (NPS). This measurement refers to the outside diameter. As an example, a 1/2-inch copper pipe has an outside diameter of 5/8 of an inch. If a hardware store lists a pipe as having a 2 NPS, it means that all the pipes with this measurement have a 2 ⅜-inch outside diameter, regardless of wall thickness and inside diameter.

Modern gas fireplaces are relatively efficient and don't burn excessive amounts of gas, especially compared to older models. A gas fireplace might use between 10,000 to 40,000 BTUs per hour; the total amount of gas used depends on the fireplace's size, heat output, and how often it's in use. To help keep your running costs down, consider using a thermostat and turning off the fireplace when not needed to minimize gas consumption

Local codes often mandate specific fittings, permits, and vent considerations for permitted function and safety, which are enforced by professionals.