Natural gas prices are climbing, but overall production in Pennsylvania has lagged year-over-year.
The latest report from the Independent Fiscal Office says prices in the third quarter of 2022 jumped almost 95% compared to the same period last year. Nor will prices drop soon, either. The Pennsylvania average price was $6.89 per million BTU, compared to $3.54 in 2021.
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The price of U.S. natural gas futures reached its highest point since 2008 as gas demand continues to spike amid the worldwide energy crisis and the passage of the Democrats’ climate bill, according to The Wall Street Journal.
Natural gas futures for November, December and January each surpassed $10 per million British Thermal Units (BTUs) on Monday, reaching highs that have not been seen since 2008, according to the WSJ. High prices are largely due to the strong demand for gas in Europe amid uncertainty surrounding Russian natural gas flows, the WSJ reported; furthermore, the Democrats’ new climate bill includes regulations that will hike expenses for natural gas producers.
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U.S. natural gas prices have skyrocketed nearly 150% this year while inventory levels have shrunk, signaling more consumer pain ahead of the summer season.
The Henry Hub natural gas spot price, an indicator of nationwide prices, stormed past $9.30 per million British thermal units (MMBtu) Thursday, up from its early January price of $3.74 per MMBtu and the highest level since 2008, according to government data. U.S. natural gas inventories have been drained in recent months, declining 17.6% year-over-year and down 15.3% relative to their 2017-2021 average, additional data released Thursday showed.
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by Thomas Catenacci Rapidly increasing energy costs across Europe and Asia have prompted warnings of an impending U.S. crisis and calls for policy makers to scale back the shift from fossil fuels to renewables. “If it gets cold at all, we are in real trouble,” Kyle Bass, the founder and CEO of Conservation Equity Management, told the Daily Caller News Foundation. Both the U.S. and international benchmarks for crude oil briefly touched multi-year highs this week and remain elevated after the Organization of the Petroleum Exporting Countries (OPEC) and its Russian counterpart opted against increasing production. The White House had pleaded in August with OPEC to boost production, noting that higher gas prices were inevitable if the cartel held firm. U.S. natural gas prices have also skyrocketed, reaching levels that haven’t been touched since the Great Recession. Natural gas price volatility hit an all-time high Tuesday, Reuters reported. In the U.K., natural gas prices soared higher, shattering previous record highs, according to Bloomberg. The crisis has led to long lines at gasoline stations, energy shortages, the collapse of three power companies and British soldiers delivering gasoline to pumps. High energy prices, shortages and even blackouts have also reached Europe and Asia, Foreign Policy Magazine reported. Department of Energy Secretary Jennifer Granholm said Wednesday that “all tools…
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