America's Amazing Gas Business Makes Less Than It Did in 2000
The shale boom and an industry focus on oil have crushed prices.
Ho-hum, more natural gas.
Photographer: Spencer Platt/Getty Images North AmericaAfter a November to remember, America’s natural gas producers are settling back into more-familiar feelings of wistfulness at what might have been. Benchmark gas prices are down 21 percent so far this month as winter has taken less of a bite out of our collective hide than anticipated (so far anyway).
Leaving aside the vagaries of the weather, there is some cheery news. With production at a record and benchmark Henry Hub prices up versus last year, producers’ implied revenue looks set to top $100 billion for the first time since 2008. But there’s a more sobering calculation lurking underneath: They’ll make less revenue this year than they did in 2000 in real terms: