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.
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.
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…