Natural Gas Prices Dip to $2 For First Time in Decade

The price of natural gas has fallen to its lowest level in more than a decade, a remarkable decline for a commodity that not long ago was believed to be in short supply.

The country's supply of natural gas is growing so fast that analysts worry the country's underground storage facilities could be full by fall and lead to further price declines.

On Wednesday, the futures price of natural gas fell to $1.984 per 1,000 cubic feet, its lowest level since January 28, 2002, when the price hit $1.91. If the price slides to $1.75, it would be the lowest since March 23, 1999.

Natural gas production has boomed across the country as energy companies employ new drilling techniques to tap previously untouched reserves. The process has raised concerns about water safety, and has been temporarily banned in New York and New Jersey.

But where it has been allowed, it has led to increases in drilling, job growth and production.

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