Not all gas costs are soaring. Natural gas has dipped to its lowest price in 10 years, dropping to less than $2 per 1,000 cubic feet. The last time gas was cheaper than its current rate of $1.984 was January 2002. That’s a good sign for your home gas bills, but won’t do you any good at the pump.
An AP report says bountiful supply is responsible for the price drop. More effective technology is allowing more drilling, upping production while drawing the ire of environmentalists who say it puts water safety at risk.
The low price may not be sustainable. Many companies don’t like the return they’re getting for their work, so they’re slowing down production. Cherish those low utility bills while you still have them.
Natural gas below $2 for first time in a decade [AP via Google]