Excess Supply Sees Natural Gas Prices Plummet

Major natural gas producers in the US are drastically scaling back back drilling operations as a warmer than average winter, a predicted cooler than average summer and expanded drilling capacity have combined to create nearly full storage facilities. With natural gas prices already at a 10-year low, prices are expected to fall even further. A boon for consumers, the excess is forcing drillers to curtail drilling operations and suspend exploration. Garbage trucks, buses and delivery vehicles are using more natural gas and electric power producers are converting from coal to natural gas whenever possible.