Natural gas hits lowest price in a decade - KWWL - Eastern Iowa Breaking News, Weather, Closings

Natural gas hits lowest price in a decade

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Wednesday the price of natural gas dropped to $2 for the first time in more than a decade.

Gas briefly touched $2 before heading back up to $2.009 per 1,000 cubic feet Wednesday afternoon.  The last time natural gas touched $2 was Jan. 28, 2002, as it dropped to $1.91.

Natural gas prices have been tumbling all year.  A mild winter and a production boom have left the U.S. with more natural gas than Americans can consume. That has pushed prices down by 59 percent since a peak last summer at $4.85.

Analysts say with so much in supply, natural gas should remain cheap during the summer, barring an unexpected heat wave.

 

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