The price that SoCal Gas Co. customers will pay in July for the natural gas the utility provides them soared to $1.227 per therm (odd industry measure; typical home uses 25 therms per summer month for heat and hot water.) That’s up 19% from June and up 79% from a year ago. The Gas Co. on its Web site explains …
Due to a recent combination of unusual factors – summer natural gas prices are trending significantly higher this year vs. last. New York Mercantile Exchange (NYMEX) futures prices are generally regarded as a nationwide benchmark for natural gas. From January through June 2008, NYMEX settlement prices averaged $0.95 per therm compared with $0.72 per therm last year, or 32% higher than the same period last year. Average NYMEX futures prices as of June 19, 2008 for the remaining July through December 2008 period are $1.32 per therm, a significant 101% increase over the average $0.66 per therm for the same period last year.
And you thought gasoline was expensive.
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