As the debate over exporting America’s abundant supply of natural gas heats up on Capitol Hill, the price of the commodity continues to fall. With U.S. supplies well above normal for this time of year, the price is down 9 cents, or 3.1 percent, to $2.69 per thousand cubic feet in morning trading in New York, the Associated Press reports. They’ve fallen by 13 percent in the past week, AP noted. About half of U.S. homeowners use natural gas for heat, and so far it's been a mild winter.
Americans are using less at a time at a time when production is booming, thanks in large part to shale resources.
Supplies are 13.4 percent higher than what they were a year ago and 17 percent above the five-year average, according to the Energy Information Administration.
Read more about falling natural gas prices and the rising price of oil here.
Read about the Cheniere Energy’s approval to export liquefied natural gas from Sabine Pass Terminal in Cameron Parish and the ongoing controversy over how that might lead to higher energy prices at home here.