The price of natural gas could soar 71% this winter, making home heating costs rise sharply:
Natural gas prices could rise as much as 71% in places, the largest increase in projected energy costs as a result of Hurricane Katrina, the Energy Department says
The department’s statistical agency, the Energy Information Administration, says price hikes will depend on how quickly oil rigs and Gulf coast refineries damaged by Hurricane Katrina can be repaired.In its report, the agency said natural gas prices for the Midwest will increase as much as 71%, while heating oil prices in the Northeast could rise 31%. Electricity prices in the South could jump 17%.
But barring an unusually slow pace of repairs, the agency said domestic oil production should return to just under 5.4 million barrels a day in November, where it was in August before Katrina disrupted most Gulf production and knocked out 10 refineries.
While this is being blamed partially on Hurricane Katrina, prices for natural gas have been soaring for years (I think a five-fold increase), in large part because the vast majority of new plants designed to generate electricity are fueled mostly or in large part by natural gas.
We really need to revisit nuclear, and now, not later. Your thoughts? And if you can find the graphs charting the price increase in natural gas, that would be appreciated. I am relying on memory.