Users Rap High Natural-gas Prices Rising Cost of Natural Gas
Nov 17, 2004 - Baton Rouge Advocate
Natural gas futures are trading 50 percent higher than a year ago, even though demand has declined and pre-winter storage levels are well above historical norms. The rise has coincided with a big increase in trading by hedge funds and other speculators. CONSEQUENCES: Consumers are expected to feel the pinch this winter, spending on average $1,000 on heating bills, a 15 percent increase. And manufacturers of chemicals, plastics and resins, - a major part of the Baton Rouge-area economy - are hurt ing as well because they use natural gas as both a raw material and an energy source.
RESPONSE: The Industrial Energy Consumers of America, which represents the chemical industry, sent a letter to lawmakers asking them to look into whether speculation - not consumption and production - is raising the price of natural gas.
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