Arkansas’ natural gas price has plummeted more than 20% in the past year and a half, and many residents are concerned it could be even lower in coming months.
Natural gas prices have fallen for consumers in the United States as the oil and gas industry has been struggling to find new markets for its abundant natural gas.
But with the economy slowly recovering and oil prices surging, many Arkansas residents are wondering if natural gas prices will rebound.
Natural Gas Awareness Week begins Sept. 28 in the city of Boonville, where Boon and the other small towns surrounding it have an abundance of natural gas and natural gas related businesses.
The city is a natural gas hub that has become home to about 3,000 jobs.
“People are starting to ask questions and get more interested in natural gas,” said Mayor Robert Smith, who represents the region.
Smith said he doesn’t expect natural gas to rebound in the coming months, but that he’s looking forward to getting to know the people who live near the Boon River.
Boon and other small natural gas communities around Boon are seeing a dramatic drop in natural-gas prices.
They say they’ve seen a dramatic decline in their natural gas bills since the oil price collapse of 2014.
In a town of just over 4,000 people, Boon’s natural gas costs are now about 50% lower than in 2014, when the price of oil was the same.
The decline in natural costs, Bonsmith said, has made it easier for him and his family to buy groceries and other goods in the area.
Bonsmith is also hopeful that natural gas will continue to rise in the future, because the price is likely to be even more favorable when it rises again.
Natural-gas exploration in Boon has picked up since the downturn.
There are about 30 wells in the region, and the state’s Department of Natural Resources recently signed an agreement with a new company to explore for natural gas in the river region.
Natural gas exploration has picked back up in the last few years, Smith said, and he expects the company will begin drilling soon.
“We have been investing in our infrastructure and we’re ready to go,” Smith said.
“We have a lot of good people that we want to work with and we want them to help us.”
Natural gas is a critical component of the state economy.
Arkansas’ economy depends on it, and Boon is looking forward on an expansion of its natural gas industry.
The region is home to the Bountiful Natural Gas District, which has been producing natural gas for nearly 30 years.
Bountifully is one of the nation’s largest natural gas producers, and it recently won approval from the Arkansas Legislature to export its gas to other states.
“I would like to see more exploration of natural-fuel gas,” Smith added.