As natural gas prices fall, East Texas economy also suffers
POSTED: Thursday, April 12, 2012 - 11:04am
UPDATED: Thursday, April 12, 2012 - 11:14am
Longview, TX — For the first time in a decade, the price of natural gas fell below $2 per 1,000 cubic feet Wednesday.
East Texans involved in energy production said that is a bad omen for the region’s economy and its energy future.
Dennis J. “Spike” Bowles Sr., with Bowles Properties of Longview, said if the price stays in that vicinity or drops more, it could be negative news for East Texas — at least in the short term.
“This is the same thing the industry did in the 1980s,” Bowles said. “I expect prices to go back up, but it’s hard to tell when that will happen.”
Bowles said when prices dip that low it brings the region’s drilling and exploration activity to a near halt.
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