The Scranton Times-Tribune reports Pennsylvania’s boom in natural gas drilling has helped keep prices low for consumers.
The paper cites data from UGI Penn Natural Gas. Despite a rate increase on June 1, the company says consumers’ bills should still be about a third lower than they were in 2008.
From the Times-Tribune:
Based on the use of 89 ccf – 8,900 cubic feet – per month, the average monthly bill for a residential UGI Penn Natural Gas customer was $157.95 as of June 1, 2008, according to data provided by the company.
After UGI’s 4.2 percent increase took effect on June 1, 2013, the average monthly residential bill is $96.67, which UGI spokesman Joseph Swope noted is still more than 30 percent less than it was five years ago …
According to the U.S. Energy Information Administration, natural gas production in Pennsylvania averaged 6.1 billion cubic feet per day in 2012, up from 3.6 billion cubic feet per day in 2011.
It’s estimated that 1 billion cubic feet is enough to serve approximately 10,000 to 11,000 homes for one year.
Earlier this year natural gas prices rebounded after historic lows. In April, the price of gas once again topped $4 per thousand cubic feet.
A warm winter and high production sent prices below $2 per thousand cubic feet in 2012.