NEW YORK (January 24, 2014) Record amounts of natural gas are being burned for heat and electricity and it's so cold so far this winter that drillers are struggling to produce enough to keep up with the high demand.
Friday, the price rose to close to $5 per 1,000 cubic feet, the highest level since June 2010.
The price has increased 25 percent in the past two weeks.
Natural gas is used by half the nation's households for heating, making it the most important heating fuel.
Natural gas and electric customers are sure to see somewhat higher rates in the coming months, but shouldn't experience sharp increases because natural gas and electric utilities often employ financial strategies that protect residential customers from price spikes.