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Natural gas prices 2000 - May 23, 2022 Comparison of natural gas prices in Japan, United Kingdom, and United States, 2007-2011 Natural gas prices at the Henry Hub in US Dollars per million Btu for the 2000-2010 decade. Price per million BTU of oil and natural gas in the US, 1998-2015
The State of Wisconsin sought to close this regulatory loophole in order to keep consumer prices low. Natural gas producers argued that wellhead sales were exempt from federal regulation as "production and gathering." Below, the Federal Power Commission compiled an evidentiary record 10,000 pages long before deciding not to regulate wellhead sales.
Established maximum lawful prices for the sale of natural gas, which were phased out over a series of years, allowing market forces to set natural gas prices. [1] The Natural Gas Policy Act (NGPA) was the first building block in a plan from the Carter Administration to increase energy supply while reducing domestic consumption of energy. [2]
The Natural Gas Wellhead Decontrol Act of 1989 (NGWDA) is an act that amends the Natural Gas Policy Act of 1978 to declare that the price guidelines for the first sale of natural gas do not apply to: Expired, terminated, or post-enactment contracts executed after the date of enactment of this Act; and; Certain renegotiated contracts.
In 2012, the United States produced 25.3 trillion cubic feet of marketed natural gas, with an average wellhead value of $2.66 per thousand cubic feet, for a total wellhead value of $67.3 billion. [2] In 2013, the country produced 30.0 trillion cubic feet (TCF) of marketed gas. [3]
The case resulted in federal price controls on wellhead gas prices for the next 40 years. The act also specified that "no new interstate pipeline could be built to deliver natural gas into a market already served by another pipeline." [3] In 1942, these powers went on to cover any new transmission lines as well. Approval of the FPC was needed ...
Monthly average natural gas prices, showing the location of the Henry Hub. The Henry Hub is a distribution hub on the natural gas pipeline system in Erath, Louisiana, owned by Sabine Pipe Line LLC, a subsidiary of EnLink Midstream Partners LP who purchased the asset from Chevron Corporation in 2014. [1]
Quantities of natural gas are measured in standard cubic meters (cubic meter of gas at temperature 15 °C (59 °F) and pressure 101.325 kPa (14.6959 psi)) or standard cubic feet (cubic foot of gas at temperature 60.0 °F and pressure 14.73 psi (101.6 kPa)), 1 standard cubic meter = 35.301 standard cubic feet.