The price of 1,000 cubic feet (or 1 million BTUs) of natural gas fell to $2 for the first time in more than 10 years today. In electronic trading, the current price is $1.98/thousand cubic feet.
A warm winter and a production boom from the nation’s shale gas fields has sent the cost of natural gas plummeting nearly -60% since last summer. About the only thing that will raise prices now is a very warm summer that will increase the demand for air conditioning.
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