Though yesterday West Texas Intermediate oil skyrocketed 8.5% to $93. 57 and Brent oil reached $106, Natural Gas prices barely moved.
Henry Hub natural gas closed at $3.88 for a thousand cubic feet, a bargain basement price. Natural gas has completely delinked from the oil price. But we are hooked on the more expensive, dirtier fuel.
CNG for vehicles is available for $1.40 per gallon equivalent, while gasoline prices reach $3.19 on average nationally and are going higher. In California gasoline will soon be $4. At that point, the savings could be $2.60 per gallon equivalent.
These comparative prices and the fact that only 120,000 vehicles in the USA run on natural gas demonstrate total market failure that must be fixed by a Pennsylvania and national policy to substitute gas, electricity and biodiesel for oil.
Looking at prices one year ago for these key energy prices is equally startling