Friday, January 27th 2017, 6:55 pm
The price of natural gas is climbing and forecasted to go up more over the next couple of years. Industry insiders say that makes for a good hedge for companies looking for oil.
“An increase in the price of natural gas will be good for Oklahoma because it offsets the potential decline in the price of oil,” said Oklahoma Oil and Gas Association President Chad Warmington.
Warmington predicts more rigs, jobs and more money coming into the state with even the slightest increase in price.
Traditionally, natural gas prices have gone up when folks turn their thermostats up in the winter. Now, natural gas is also being used more to generate electricity. So demand is higher and prices are steadily going up.
The US Energy Information Administration forecasts prices averaging $3.55 per thousand cubic feet for 2017 and $3.73 in 2018. That's a $1.25 more than the average in 2016.
“I think the significance of the slight increase is huge for Oklahoma,” said Warrington.
January 27th, 2017
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