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California Gas Prices Jump During Winter, Gas Procurement Prices Rise 400 Percent for Utilities

California Gas Prices Jump During Winter, Gas Procurement Prices Rise 400 Percent for Utilities
California Gov. Gavin Newsom speaks during a press conference in Sacramento, on Feb. 1, 2023. Justin Sullivan/Getty Images
Naveen Athrappully
Naveen Athrappully
2/17/2023|Updated: 3/2/2023
0:00

Natural gas prices in California have skyrocketed this winter, with some utility firms seeing a quadrupling in their gas procurement prices while some customers seeing their gas bills more than double.

Colder-than-expected temperatures have driven up gas demand for heating in California. Around 70 percent of households in the state use gas for heating, twice national average of 35 percent. On Nov. 23, natural gas prices at the NYMEX exchange were at $7.48 per metric million British thermal unit (MMBtu). Since then, it has fallen to $2.39/MMBtu as of Feb. 16. However, this decline in prices has not been reflected in California.

Naveen Athrappully
Naveen Athrappully
Author
Naveen Athrappully is a news reporter covering business and world events at The Epoch Times.
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