CHARLOTTE, N.C. —
Why are gas bills going crazy?
Let's connect the dots.
2022 was the most volatile year on record for natural gas as prices went from unseasonable lows, to record highs, and back again.
Russia's invasion of Ukraine last year sent the global markets haywire forcing buyers to scramble to replace Russian goods, further tying U.S. gas prices to international events.
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The severe price swings are taking a hit here in the state. This winter, California saw gas prices surge more than six times the average price while warm weather cut heating demands in other parts of the country.
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Analysts expect this instability to become the norm as coal-fired power plants are phased out. Now, U.S. drillers are pumping out more natural gas than ever. But there aren't enough pipelines here in the U.S. to keep up and now the gas industry is selling energy to foreign markets. This means domestic prices could increasingly be driven by what happens overseas.
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