Gas prices are plummeting as US power plants shut their power plants.
The U.S. Energy Information Administration said Wednesday that natural gas prices were at the lowest level since January 2016.
Gas prices fell to $1.33/MMBtu on Wednesday.
They have been hovering near $1/Mmbtu since February.
The energy agency said that natural-gas prices fell 0.1% on Wednesday in August, compared with a 0.5% drop in August 2016.
That’s the biggest one-month drop since November 2016.
On average, natural gas will cost $1 per MMBtu in 2018, up from $1 last year.
Prices will fall more for gas coming from the North Sea, as the U.K. has to cancel its nuclear reactors and Norway is on the brink of bankruptcy.
The decline is part of a broader trend.
Natural gas has been steadily falling in price for months, but there were no signs of slowing down.
The Energy Information Agency said prices were down 3.4% in the first three months of 2017, the lowest monthly drop since January 2015.
Natural-gas costs were up 0.9% in August 2017, while prices were up 4.3% in July 2017.
Gas Prices In 2017: Natural gas prices dropped 7.3%, or $1,300/Mbtu.
Gas costs fell 0% in 2017, or $6.7 billion.
Natural Gas Prices By Month: Natural Gas prices rose 0.8% in January, or a little more than $2.2 billion.
Gas will cost about $3.00/Mlb for the first time in five years in 2018.
The Natural Gas Price Index, an index of natural-source prices, was up 0% to a new record high of 4.097.
That is the first decline in five months.
Prices fell 2.6% in June, down from a record high.
Natural natural gas was up 1.6%, but prices fell 2% in May.
Natural prices fell 1.4%, down from July.
Natural costs fell 3.1%, down 1.3 billion from July 2017 prices.
Gas was down 2.9%, down 0.6 billion from a year ago.
Natural cost dropped 2.5%, down 9.5 billion from June 2017.