LOS ANGELES — The price of natural gas has shot up to more than $3 a million-a-barrel as companies struggle to meet growing demand from a booming energy industry.
The surge has led to gas prices in some Texas and Georgia hitting as high as $3.70 a million cubic feet, according to the GasBuddy.com website.
GasBudz reported Wednesday that gas prices rose more than 3 percent from a year ago in the Houston area.
In addition, the state of Georgia has seen gas prices surge more than 50 percent from their peak, and prices in North Carolina are up by more than 75 percent.
The National Association of Realtors reported Tuesday that gas was up 8 percent in the week ending Aug. 24, which is also the hottest since July 1, 2016.
Gas prices in Georgia and Texas have jumped more than 30 percent since the beginning of the year.
Gas was up more than 17 percent in North Dakota.
Texas, which has about half the amount of gas production as North Dakota, is one of the top five states with the highest natural gas prices, according for the National Association.
Texas was one of only five states where natural gas rose by more then 30 percent in a year.
The average price of a barrel of natural water was up nearly 10 percent last week to $2.27 a million, according GasBuds.com.
The national average was $2,197.30.
In Georgia, which produces about three-quarters of the U.S. production of natural-gas wells, gas prices were up 4 percent to $1.63 a million.
In the Dallas-Fort Worth area, the average price was up 4.2 percent to nearly $1,000 a barrel.
Prices in North Carolinians jumped more by nearly 17 percent, reaching nearly $2 a million in the first nine months of the fiscal year.
Prices have also been climbing in Texas.
In North Carolina, prices rose nearly 19 percent to a record high of $1 a million last week.
Gas in the Tar Heel State has risen in price by nearly 20 percent since August, with a statewide average price averaging $2 per million cubic meters.