The City of New Boston is warning residents about the impact the arctic cold front is having on natural gas prices over the next 4 days and potentially through next week. The city is asking customers to reduce their natural gas usage during the next week.
The arctic cold front that is causing the extreme frigid temperatures across the entire Midwest and eastern portion of the country is also affecting Texas and Oklahoma with ice storms and potential wellhead freeze offs. This is causing unprecedented natural gas usage. As a result, the pipeline companies have declared an emergency and placed a restriction on the pipeline. This extremely high natural gas usage, along with the pipeline restrictions, is having a direct impact on natural gas prices. Natural gas prices have surged to record highs.
Prior to this emergency, natural gas was selling around $3.00 per dekatherm. As of Friday, the price of natural gas was trading as high as $600 per dekatherm before closing at $224.56 per dekatherm for Saturday delivery. This is a 7500% increase in price between Friday and Saturday prices. These increased prices will be in effect Saturday until Tuesday and could potentially last longer into next week. These high prices will affect everyone that purchases and uses natural gas.
The City of New Boston has contacted state and federal officials and we are asking you to do the same, requesting their assistance in resolving this egregious price increase. We are asking their assistance in determining why the pipeline and natural gas suppliers caused the price of natural gas to increase so significantly. The city is talking with officials on how this will negatively impact families and businesses and requesting any relief that may be available. Unfortunately, if there is no relief from state or federal authorities, the natural gas customers could see an increase in their utility bills. Those prices would be reflected in the utility bills.
Customers are asked to reduce their natural gas usage by turning your thermostats down to 68 degrees or lower during the next week due to the price increases.
Other communities in IL that are in the same situation include Franklin, Pittsfield, Riverton, Rossville, Waverly, Auburn, Divernon, Morton, Pawnee, White Hall, Winchester, Pleasant Hill, Bushnell, Edinburg, Roodhouse and many others.
If you have any questions please call New Boston City Hall at (309) 587-8181.