The tale of one gas well in Pennsylvania offers a big window into why a natural gas supply glut exists and prices are about $3.30 for a thousand cubic feet.
Just one gas well in Susquehanna County, Pennsylvania produced enough gas to supply fully for a year 51,724 residential customers of the Philadelphia Gas Works (PGW). To make Cabot's A. Heitzenroder 3 gas well's production even more amazing, the gas well did so in just 6 months!
Cabot's A. Heitzenroder 3 gas well is Pennsylvania's top producing gas well, and it yielded an incredible 4.5 billion cubic feet of gas in just 6 months--July 1 to December 31, 2012. Indeed, a true gusher!
Six months of production yielding 4.5 billion cubic feet supplies 51,724 homes for a year when each home consumes on average 87,000 cubic feet per year. And the average PGW residential heating customer annually uses 87,000 cubic feet of gas to stay warm in Philadelphia.
Another way to look at the amazing production from Pennsylvania's top producing gas well is that it alone supplies in just 6 months the annual gas needs of about 1 of every 9 gas heating homes in Philadelphia. Wow!