Thursday, February 23, 2012
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.