Prices of natural gas dip below $2

Associated Press

NEW YORK

The price of natural gas has dropped below $2 for the first time in a decade.

A mild winter and production boom have left the U.S. with more natural gas than Americans can consume. Storage facilities are filling up. The glut has pushed down the futures price of gas 59 percent since it peaked at $4.85 last summer.

On Wednesday, the futures price passed a milestone. Gas dipped below $2 to end the day at $1.984 per 1,000 cubic feet. The last time it went below $2 was Jan. 28, 2002, when it hit $1.91.

Cheaper gas has lowered heating bills this winter, and air conditioning costs are expected to fall this summer because many utilities generate electricity with natural gas.