Thanks Fracking: New Jersey Citizens Saving $100 Million On Their Gas Bills

Written By: Rob Port - SayAnythingBlog
March 10th, 2012 - 6:12pm

Thanks to hydraulic fracturing, America is in the midst of an energy revolution, particularly in the oil and natural gas industries. Fracking has put oil and gas resources that couldn’t be developed before on the market. Now, consumers are seeing the benefit of that increased demand:

WALL, NJ — New Jersey Natural Gas (NJNG) today notified the New Jersey Board of Public Utilities (BPU) that it will implement a decrease to its Basic Gas Supply Service (BGSS) rate that reduces the average residential heating customer’s bill by 3.6 percent and provide a bill credit, totaling $11.8 million, for residential and small commercial customers. These savings come in addition to the bill credits NJNG provided in December, January and February. Over the four-month period, customers will have saved a total of $94 million.

“As a result of continued lower wholesale natural gas prices and the warmer-than-normal winter, we are pleased to provide our customers with these additional savings,” said Laurence M. Downes, chairman and CEO of New Jersey Natural Gas. “When it seems as though the cost for just about everything continues to go up, these savings represent good news and welcome relief for our customers. As always, we will continue to monitor the natural gas markets and make every effort to identify savings for our customers.”

The cost of living just got $100 million cheaper in New Jersey.

It’s amazing how free markets make our lives better.