NEW YORK —
The price of natural gas has fallen to its lowest level in more than a decade, a remarkable decline for a commodity that not long ago was believed to be in short supply.
The U.S. supply of natural gas is growing so fast that analysts worry the nation’s underground storage facilities could reach their limits by fall.
On Wednesday, the futures price of natural gas declined to $1.98 per 1,000 cubic feet, its lowest level since January 28, 2002, when the price hit $1.91. If the price falls to $1.75, it would be the lowest since March 23, 1999.
Natural-gas production has boomed across the country as energy companies employ a new drilling technique to tap previously untouched reserves. The process has raised concerns about water safety and has been temporarily banned in New York and New Jersey. But where it has been allowed, it has led to increases in drilling, job growth and production.
The falling price of natural gas has been a boon to homes and businesses that use the fuel for heat and appliances, and for manufacturers that use it to power their factories and make chemicals, plastics and other materials.
