U.S. Natural Gas Prices to Rise
Natural gas prices will sky rocket this October according to Pacific Gas and Electric Company due to Hurricanes Katrina and Rita which took a toll on the industry.
The economic impact of Hurricanes Katrina and Rita will be felt on natural gas bills in October, as PG&,E`s residential customers can expect to pay $17.45 more for the fuel in October, compared to October of 2004 -- an increase of 70.8%.
While natural gas costs have been climbing in recent years because of growing demand for the fuel, the hurricanes` devastation of natural gas facilities in the Gulf of Mexico caused prices to surge nationally.
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