The American Gas Association (AGA) today discussed the expected impact of the winter heating season on the nearly 70 million natural gas customers in the United States who rely on natural gas to meet their daily energy needs. AGA executives explained that while current production activity and storage figures remain strong, several factors will contribute to a likely increase in home-heating costs this winter.
"While natural gas prices have declined dramatically since reaching their all-time highs in early July, according to the Energy Information Administration (EIA) the average price for natural gas in 2008 is projected to exceed the 2007 average price by over two dollars per thousand cubic foot (Mcf)," said Roger Cooper, AGA's executive vice president for policy and planning. "Because utilities purchase natural gas from suppliers throughout the year and store it in underground facilities for winter delivery, much of the natural gas utilities will deliver to households this year was purchased when prices were at or near these historic highs."
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