High supply leads to lower natural gas prices


February 23, 2012 at 5:51p.m.

High supply leads to lower natural gas prices

NEW YORK

Natural gas supplies have expanded tremendously following a boom in North American production.

The government says they’re now more than 40 percent higher than the five-year average thanks to increased gas extraction in North America.

The total supply of natural gas is 2.6 trillion cubic feet.

Natural gas prices fell 2.2 cents to $2.61 per 1,000 cubic feet on Thursday, which is 32 percent lower than it was a year ago.