While the arctic chill that has struck the eastern United States has created increased demand and prices for heating oil, collapsing industrial-sector demand has caused the floor to collapse under natural gas prices. This is an amazing development given that prices are now lower for natural gas than during all of 2007 and 2008. The price of natural gas has now fallen more than 70% since the highs last spring. I hope the various state utilities commissions will require that the gas supply companies provide either lower prices or a rebate to their customers!
