Reporting Barbara Schwarz
NORTH TEXAS (CBSDFW.COM) – We may have too much of a good thing when it comes to natural gas.
Texas produced a billion and a half dollars worth of natural gas in September. And while that sounds like a lot, it’s down 40 percent from the year before.
And natural gas prices keep falling. In fact, the price has been sinking for a few years.
Texas Energy economist Karr Ingham says the focus here has shifted from natural gas to crude oil.
KRLD’s Barbara Schwarz Reports:
Ingham says natural gas is plentiful and can be used in many ways, but part of the problem is Texas has built up too much inventory over the years, leading to the price decline.
A weak economy that hit the state and country also hasn’t allowed us to use up the reserves. As a result there are fewer rigs drilling for natural gas. Meanwhile, oil production has been soaring.
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