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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.

Natural gas prices soar as supply dwindles

The price of electricity in areas that rely on natural gas is under pressure as the commodity reaches its highest price in more than a decade.

Natural gas

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&#x27;ll be paying more to stay cool and keep the lights on this summer.

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Natural gas prices soar as supply dwindles

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