The price of natural gas futures hit a new 10-year low on Monday, and layoffs might be on the horizon for small producers.
The low prices have forced larger energy companies to shift to oil production. Many smaller natural gas producers in Oklahoma don’t have this option, reports The Oklahoman’s Adam Wilmoth.
“They’re going to have trouble,” said Mike Terry, president of the Oklahoma Independent Petroleum Association. “They’re going to have to lay people off. They’re going to have trouble paying their loans.”