Natural Gas Falls Below $2
NEW YORK (AP) — The price of natural gas has fallen below $2 per 1,000 cubic feet for the first time in more than a decade.
The U.S. supply of natural gas is growing so fast that analysts worry the country’s underground storage facilities could be full by fall and lead to further price declines.
On Wednesday, the futures price of natural gas fell to $1.984 per 1,000 cubic feet, its lowest level since January 28, 2002, when it hit $1.91.
There is so much natural gas being produced — and still in the ground — that drillers, policymakers, economists and natural gas customers are trying to figure out what to do with it.
Wyoming is among the nation’s top five producers of natural gas. Its tax revenues are strongly linked to the commodity, with the state’s Consensus Revenue Estimating Group telling the Wyoming Tribune Eagle this month that each one-dollar drop in natural gas prices costs the state about $114 million a year in lost tax revenues.