Surging natural gas prices: Threat to consumers this winter?
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Having enjoyed a prolonged period of low prices, consumers of natural gas are facing the burden of far more expensive fuel — and the prospect of much higher heating bills this winter. All those factors combined to send natural gas prices in Europe skyrocketing to roughly $26 per million BTUs, compared with just $4 at the same time last year. Oil prices, too, have surged — to nearly $80 a barrel in Europe and $75 in the U.S. Just as with natural gas, a key reason is that producers sharply curtailed drilling during the pandemic. Another reason is that some power providers switch to burning oil for power generation if the price of natural gas goes too high, thereby increasing demand for oil and driving prices still higher.
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