Around 60% of Americans favor reducing the use of fossil fuels and natural gas, according to a recent Gallup poll. With energy costs rising across the US, Americans are looking to find ways to ease the burden of heavy utility bills. Despite the seemingly increasing demand for renewable energy, the US has recently hit a new record for natural gas production.
All-Time High Production
As of July this year, the price of natural gas was around $2.22, and it seemed like natural gas was on an undervalued trend. When the prices are low, it is expected that production would grind to a slower pace. This, however, did not happen. Just earlier this month, the US set a new daily production record of 92.1 Bcfd, according to the data of the U.S. Energy Information Administration. The higher production amount means that consumers will enjoy even lower costs in their utility bills.
Growing Consumer Options
Despite the potential savings, consumers are spoiled for choice. Renewable energies like wind, wave, and solar power are steadily gaining strength. For example, wind power has recently surpassed coal as a power source in Texas, according to the Electrical Reliability Council of Texas. If consumers wish it, they simply need to call up the available energy providers in their area to check what options exist. This is a great boon for consumers wishing to tap into lower utility costs. Quake recommends researching the available rates in states which have energy deregulation to obtain a stronger understanding of rates and savings.
Bans on Natural Gas
What remains to be seen is how natural gas will weather the states which have instituted bans. Earlier this July, Berkley became the very first city in California to ban natural gas hookups in all most of their new buildings. Now, more California cities are looking to follow suit. The bans, while ecologically helpful, may end up hitting consumers in their pockets. The cost of living may go up by about $3,000 to $4,000 per apartment, says property developer Patrick Kennedy. So consumers will have to really think about what they need to prioritize.
While renewable energy will continue to have its share of fans, there is no denying the staying power of natural gas. It will all come down to the preferred choice of consumers and the available energy providers they have in their area. Only time will truly tell if the energy industry in the US will invariably choose natural gas or renewable energy.