Technological advances and the economic slowdown have combined to slash the price of natural gas more than 50 percent since July 2008 to less than $6 per million British thermal units. Not only have electricity prices fallen, but homeowners can expect to pay to pay 11 percent less on average for gas heat this winter.
But what about the rest of 2010?
The long-term outlook is for more of the same, which is why U.S. energy companies are seeking to sign long-term contracts with electric utilities and other customers.
“The days of double-digit gas prices in the U.S. are over,” said Chesapeake Energy Chairman and Chief Executive Aubrey McClendon in an article in Tuesday’s Wall Street Journal.
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