Natural gas prices rise from historic lows - WFMJ.com News weather sports for Youngstown-Warren Ohio

Natural gas prices rise from historic lows

Posted: Updated:

PITTSBURGH (AP) - Wholesale natural gas prices have doubled over the last year, and that's bringing sighs of relief from an unusual variety of interests.

According to federal energy statistics natural gas topped $4 per thousand cubic feet in early April, after falling below $2 a year ago.

Gas drilling companies are obviously happy, and so are leaseholders and states that get revenue based on the market price. But the coal industry and renewable energy advocates are cheering the news, too, since gas no longer has a huge price advantage over those other energy sources.

But a new drilling boom isn't imminent.

The Marcellus Shale Coalition, an industry group, says current prices will have to be sustained for months or years for companies to drill significantly more wells than they are now.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by Frankly
All content © Copyright 2000 - 2017 WFMJ. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms