Natural gas prices soar as supply dwindles
Natural gas prices are surging, adding fuel to the inflationary fire.
Why it matters: Americans are already fending off rising costs in food, shelter and consumer goods — and now they'll be paying more to stay cool and keep the lights on this summer.
Driving the news: Spot prices of natural gas soared above $9 per million British thermal units, or MMBtu, in intraday trading Wednesday.
- That's the highest point in more than a decade, as "dwindling inventories push prices higher" and the war in Ukraine applies upward pressure, according to CNBC.
By the numbers: Prices have more than tripled since this time last year, according to the Energy Information Administration.
Our thought bubble: Break out the shorts this summer if you want to save on air conditioning.